When do I have to repay my VET FEE-HELP debt?
You have to start repaying your HELP debt through the taxation system once your repayment income is above the compulsory repayment threshold, even if you are still studying. The compulsory repayment threshold is adjusted each year. The compulsory repayment threshold for the 2014‑15 income year is $53,345.
Repayment income is calculated from the amounts given on your income tax return for:
- your taxable income;
- reportable fringe benefits (reported on your payment summary);
- total net investment loss (which includes net rental loss);
- reportable super contributions; and
- exempt foreign employment income amounts.
How much will my repayments be?
The amount you repay each year is a percentage of your repayment income. The percentage increases as your income increases, so the more you earn, the higher your repayment will be. The ATO will calculate your compulsory repayment for the year and include it on your income tax notice of assessment.
2014-2015 Repayment Rates
| 2014-2015 Repayment Income | Repayment % rate |
|---|
| Below $53,345 | Nil |
| $53,345 – $59,421 | 4.0% |
| $59,422 – $65,497 | 4.5% |
| $65,498 – $68,939 | 5.0% |
| $68,940 – $74,105 | 5.5% |
| $74,106 – $80,257 | 6.0% |
| $80,258 – $84,481 | 6.5% |
| $84,482 – $92,970 | 7.0% |
| $92,971 – $99,069 | 7.5% |
| $99,070 and above | 8.0% |
