If you earn $47,014 or more per year, you may need to start making compulsory repayments.
Compulsory repayments of your study and training support loan are made through the income tax system.
If you have a loan when you lodge your tax return and your repayment income is above the minimum repayment threshold, your compulsory repayment will be worked out by the ATO and include it on your notice of assessment. This will occur even if your tax return is for an income year before you started studying.
The more you earn, the higher your repayment –
It’s important to note that your repayment rate increases as your income increase and is based on your income alone.
If you have any questions regarding your student loan, please do not hesitate to contact our team at Moore Lewis & Partners on 4638 5300.