Illustration:
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 th ITR.
Answer:
The "Compulsory Higher Education Loan repayment" is auto calculated via "Estimate" tab based on the Taxable income, FBT Benefits and Reportable Super Contributions, ie Your compulsory repayment rate increases as your income increases.
There is "Compulsory Higher Education Loan repayment" amount of $5,411.28, because your repayment income should include the "Taxable Income", FBT Benefits and Reportable Super Contributions = Repayment Income
Computation below:
$42,392 + 41,796 + 6,000 = $90,188 x 6% = $5,411.28
Taxable Income +Total Reportable Fringe Benefits Amounts + Reportable Super Contributions = REPAYMENT INCOME
