Example 1
Question: If there is a HECS debt repayment, it seems to add this to the amount of the refund due?
Answer: This is correct. HECS repayment is added to total payable refundable.
In this case $510.87 less $1292.35 less $1526 = $-2307.48.
Example 2:
A client ITR FY 2023 and she has HECS HELP DEBT $185478. However, her taxable income is 42392. Therefore, based on ATO she should not need to pay any help loan debt.
However, Lodgeit has added $5411.28 loan debt payment into her ITR.
Answer:
There is "Compulsory Higher Education Loan repayment" amount of $5,411.28, because your repayment income should include the Total FBT Benefits and Reportable Super Contributions.
Computation of Repayment Income below:
Taxable Income +Total Reportable Fringe Benefits Amounts + Reportable Super Contributions + Exempt Foreign Employment Income = REPAYMENT INCOME
$42,392 + 41,796 + 6,000 = $90,188 x 6% = $5,411.28
