TFN declaration (1 Viewer)

[Katie123]

i started a new job and they gave me all the papers to fill out ....
one was the tax file number declaration.
One of the questions was about HECS.... it goes on about pre 2005 in the explanation but doesnt really answer the question about 2005 uni starters ie me
I dont have a HECS debt do i ...i have a Commonwealth supported something dont i? so for that question i would mark no?

i'm confused ....i will ring the tax office tomorrow if noone here knows

 

[sikeveo]

You do have a CSP, unless you are international, or full fee paying, which I doubt you are.

 

[Katie123]

o thats what its called..i had a mind blank...so i guess i put no
thanks for that

 

[ToO LaZy ^*]

ohhh sshhitttt..
so thatss why theyre taxing me at ~35%!!...and coz i put 'no' in 'do you want to claim the tax-free threshold'..

 

[Katie123]

ur only supposed to put no if you have more than one job

 

[kalli]

Katie123: arent you supposed to put yes for that HECS thing? hmmmm so confusing...

 

[hipsta_jess]

ur only supposed to put no if you have more than one job

haha, I didn't realise that. Now I'm being taxed at 27% (soooo looking forward to my tax return!!)

 

[ToO LaZy ^*]

when do we get our tax return?
this is my first legit paying job.haha

 

[Katie123]

Katie123: arent you supposed to put yes for that HECS thing? hmmmm so confusing...

it says and i quote 'question 12(a): Do you have an accumulated Higher Education Contribution Scheme (HECS) or Higher Education Loan Programme (HELP) debt?

Answer YES if you have an accumulated HECS or HELP debt.

Answer NO if you do not hvae an accumulated HECS or HELP debt, or you have repaid all your HECS or HELP debt.

HECS
Until 31 December 2004, the australina government offered for loan schemes to help students pay their gigher eductaion fees. These were the:

• HECS
• Postgrad eduaction loan scheme
• Open Learning Deferred Payment Scheme, and
• Bridging for oversears trained professionals loan scheme

If teh Australian govt lent you money to pay your high education fees under any of these chemes, you will have a HECS debt. This debt will still be called HECS debt until 1 June 2006.


it goes on about HELP

then
Repaying you HECS and HELP debts
You must tart repaying your debt when your repayment income is above the minimum threshold. The min threshold for 05-06 is $36184 ($690 a week). The tax office will calculate your compulsory repayment for the year and include it in your income tax notice of assessment.

If your annual income is likely to above the min repayment threshold, your payed wioll regularly withhold additional amonts to cover any compulsory repayment that may be calculated


FROM This i think i put NO because i started uni after 31 december 2004
all those before it put yes.......or maybe only if they only earn over the threshhold?

 

[kalli]

it says and i quote 'question 12(a): Do you have an accumulated Higher Education Contribution Scheme (HECS) or Higher Education Loan Programme (HELP) debt?

Answer YES if you have an accumulated HECS or HELP debt.

Answer NO if you do not hvae an accumulated HECS or HELP debt, or you have repaid all your HECS or HELP debt.

HECS
Until 31 December 2004, the australina government offered for loan schemes to help students pay their gigher eductaion fees. These were the:

• HECS
• Postgrad eduaction loan scheme
• Open Learning Deferred Payment Scheme, and
• Bridging for oversears trained professionals loan scheme

If teh Australian govt lent you money to pay your high education fees under any of these chemes, you will have a HECS debt. This debt will still be called HECS debt until 1 June 2006.


it goes on about HELP

then
Repaying you HECS and HELP debts
You must tart repaying your debt when your repayment income is above the minimum threshold. The min threshold for 05-06 is $36184 ($690 a week). The tax office will calculate your compulsory repayment for the year and include it in your income tax notice of assessment.

If your annual income is likely to above the min repayment threshold, your payed wioll regularly withhold additional amonts to cover any compulsory repayment that may be calculated


FROM This i think i put NO because i started uni after 31 december 2004
all those before it put yes.......or maybe only if they only earn over the threshhold?

So from what I can gather, HECS is now called HELP. Are you a HELP or HECS student? Or are you full fee paying?

The question says "Do you have an accumulated Higher Education Contribution Scheme (HECS) or Higher Education Loan Programme (HELP) debt?". If you are a HELP OR a HECS student and you have fees that you havent rapaid in full, I woud assume you answer YES to this question.

I started UNI in 2004 so I'm not sure about HELP but isn't it sorta the same as HECS but you have to pay more?

 

[Katie123]

i would put no because i started uni in 05 therefore its known as a commonwealth supported place and ...therefore not hecs?

 

[kalli]

Quote from my UNIs website http://www.rmit.edu.au/programs/fees/highered/help

Anyone enrolled in a Commonwealth supported place is considered to be a Commonwealth supported student. A Commonwealth supported place is a higher education place for which the Commonwealth makes a financial contribution.

A new set of loans—called the Higher Education Loan Program (HELP) —has been implemented in place of HECS and PELS. If the Commonwealth lends a student money to pay for higher education fees under any of the new schemes, that student will have a HELP debt.



So... You are a Commonwealth Supported Student therefore you dont have a HECS debt, you have a HELP debt.

And now the question: "12(a): Do you have an accumulated Higher Education Contribution Scheme (HECS) or Higher Education Loan Programme (HELP) debt?"

Hence, I would have put Yes so your employer can take out money to give to the government if you earn over the threshold.

 

[Katie123]

but i wont earn over rthe threshhold. its halfway through april and i'm only going to be a casual who works maybe 2-3 times a month...no where near $32k

 

[kalli]

but i wont earn over rthe threshhold. its halfway through april and i'm only going to be a casual who works maybe 2-3 times a month...no where near $32k

yeah i figured that so it probably wont matter. i dont know what the consequences are for not putting the correct answer on that form - and i dont think you would be unucky enough to be vetted when you do your tax next (well i hope not). i guess the ATO's stand would be "its not for you to predict the future and not know how much you are going to earn"