| You have or are currently studying at a | | | | has been taken out of your wages by your pay |
| university, you are most likely to have a HELP | | | | office is in most cases enough to offset each |
| HECS debt. | | | | other. |
| Hopefully you have notified your pay office that | | | | Voluntary repayments of $500 or more can be |
| you have the debt so that they can take extra | | | | made at any time, this will give you a discount of |
| tax out on your behalf to cover your obligations. | | | | 10%. So if you make a payment of $1,000 it will |
| For the 2009 - 10 year your employer will start | | | | reduce your debt by $1,100. |
| withholding HELP if your wages exceed $829 per | | | | 2009-10 HELP repayment income (HRI*) |
| week. | | | | Repayment rate |
| At the end of the year when you do your tax | | | | Below $43,151 Nil |
| return, based on your HRI income (HRI= Taxable | | | | $43,151-$48,066 4% of HRI |
| income + any net rental losses + total reportable | | | | $48,067-$52,980 4.5% of HRI |
| fringe benefits amounts + reportable super | | | | $52,981-$55,764 5% of HRI |
| contributions + exempt foreign employment | | | | $55,765-$59,953 5.5% of HRI |
| income.) the Australian Taxation Office will | | | | $59,954-$64,919 6% of HRI |
| calculate how much HELP will need to be paid. The | | | | $64,920-$68,336 6.5% of HRI |
| rates for the 2009 - 10 year are set out in the | | | | $68,337-$75,203 7% of HRI |
| table below. | | | | $75,204-$80,136 7. |
| The HELP that is calculated and the extra tax that | | | | |