Do you have a study or training loan?

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.

Share This

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn

LATEST NEWS

image-from-rawpixel-id-2291445-original (1)

Commonwealth COVID-19 Disaster Payment

2 months ago
197-1982

Taxable Payments Annual Reports (TPAR)

2 months ago
Young Asia manager girl changing a sign from closed to open sign on door cafe looking outside waiting for clients after lockdown. Owner small business, food and drink, business reopen again concept.

2021 COVID-19 Business Support Grants for lockdown impacted businesses in Queensland

2 months ago