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Hi all,
Did my tax return last night. e-tax are projecting a healthy return of around 3500 which I'm pretty thrilled with. However I also have a HECS debt of around 1600.
Will this amount be deducted from my tax return before I get it or will I just pay this off over the next financial year out of each pay?
Cheers,
Fiona
There's a section for HECS isn't there? Professor has a debt of about 30k, so every fortnight he pays extra tax from his wage, it isn't taken from his tax return.
Yeah I get less in my wage as my HECS is taken out before it is paid.
It just popped up at the end when I was doing my return and I wasn't sure how it was treated.
They ask to make sure you've paid enough tax to cover your minimum HECS repayments. It sounds like you have, so they won't take anything from your tax return.
Winning!:
hmmm I dunno if it says you owe $1600 for the hecs stuff at the end then I would think you will get a invoice with a payment notice attached? Did you receive a HECS statement in the mail? DH has a hecs debt & last year his tax said the same thing & he had a debt that needed to be repaid but a set date. This year he has had coming out of his pay apparently. But we got a statement with what his balance was & it said on that that no payment was required at this time. BUT Im not counting my chickens just yet. Not till I have lodged our tax.
Mine pops up but because I haven't earnt over the threshold I don't have to pay any this year. Mine is around $2000 and I just scrape under.
When I resume working full time I'll opt to pay a bit more out of my pay each week/fortnight etc.
If etax said you'll get a refund and the hecs info is in there then you should be fine
SOrry to go OT a bit but what is the threshold this year???
Awesome fanks!
^^ This.:
The calculation should look something like this (slightly different format though ;)):
Income $xxxxx
Tax $xxxx
ML $xxx
HECS $xxxx (now called HELP)
Total Payable $xxxx
Less offsets (if any) $xxx
Less credits - PAYGW $xxxx
Net refund $xxxx
As long as ETax knows that you have a HECS debt, it should be included in your refund amount.
WooHoo!!! Awesome tax refund - make sure you buy yourself something nice :D