Paying back HECS (1 Viewer)

[Lexi123]

Hello all,

I have a question about paying back HECS, I don't know where this should be posted, I'm sorry if this is the wrong place.

Anyhow, I have been working more over the holidays and thus have had HECS taken out of my pay for the last few weeks. My question is, if I do not make by the end of the financial year the $36k or whatever the amount you have to make to start paying back HECS is... do I get the HECS deductions back?

It seems unfair just because I made more for a few weeks that they take HECS out when I'm not earning anywhere near $36k over the course of a year.

Thanks to anybody who has any ideas about this!

Lexi

 

[Doomah]

idiot, on your tax declaration, u can opt not to have your HECS deducted.

blame the government but not your ignorant self.

 

[Lexi123]

Your tax declaration does not say you can "opt out" it says do you have a HECS debt... I do, being honest to the government to me is not being ignorant. Also how was I possibly BLAMING the government I was merely asking a pretty straight forward question

 

[blue_chameleon]

Your tax declaration does not say you can "opt out" it says do you have a HECS debt... I do, being honest to the government to me is not being ignorant. Also how was I possibly BLAMING the government I was merely asking a pretty straight forward question

Doomah's a monkey, so you'll just need to be a bit understanding towards him.

Lexi, you'd probably be better off contacting the ATO and getting them to help, that way you won't go wrong. Contact details are on their website.

 

[Tulipa]

I assume you've finished university right?

If you haven't, then it's your mistake for saying that you have a HECS debt because currently you don't.

If you have, then I have no idea

 

[wrxsti]

Lie on your tax return.

 

[uhawww]

I assume you've finished university right?

If you haven't, then it's your mistake for saying that you have a HECS debt because currently you don't.

If you have, then I have no idea

So if we're undergrad we don't tick that we have a HECS debt? Aren't we technically in debt though since we're charged per semester?

 

[Triangulum]

So if we're undergrad we don't tick that we have a HECS debt? Aren't we technically in debt though since we're charged per semester?

Yeah, I'm pretty sure that you tick the HECS debt box on your TFN Declaration form, because your debt starts accumulating as soon as you start uni.

If you're under the HECS repayment threshold, you get that component of the tax taken out of your pay back when do your tax return.

 

[RogueAcademic]

My question is, if I do not make by the end of the financial year the $36k or whatever the amount you have to make to start paying back HECS is... do I get the HECS deductions back?

No you do not get your voluntary HECS payments back. If your annual salary is below the threshold, any payments you make is purely voluntary.

Refer to section 5.9 in the HECS booklet given to you when you signed up at uni (page 48).

 

[RabbitRabbit]

^ HECS booklet:

If you have a holiday or temporary job and you earn $650 or more per week in the 2007-2008 income year, but your repayment income for the income year will remain below the minimum repayment threshold, there is no need to have additional amounts withheld. If you do not want your payer to withhold additional amounts, phone the Tax Office on 1300 360 221 for a 2008 PAYG income tax withholding variation application. You should only apply to vary your amount withheld if you are sure that your repayment income for the year will be below the minimum repayment threshold.

So if you're earning below the threshold of $36,185 p.a., you're entitled to claim back any HECS repayments your employer is withholding.

 

[uhawww]

Oh excellent. Thanks.

 

[jase_]

The HECS payments your employer takes out is treated as income tax until you do your tax return. Your final HECS payment for that year is then calculated. Hence, if you happen to earn below the threshold, then you will just get it back as a tax refund. It you earned just above it, then they will work out what proportion you should pay and refund the rest.

 

[RogueAcademic]

Anyhow, I have been working more over the holidays and thus have had HECS taken out of my pay for the last few weeks.

Sorry, I thought you were voluntarily making payments to your HECS now to reduce your debt.