You have to start repaying your HELP debt through the taxation system once your repayment income is above the compulsory repayment threshold, even if you are still studying. The compulsory repayment threshold is adjusted each year. The compulsory repayment threshold for the 2014-15 income year is $53,345.
Repayment income is calculated from the amounts given on your income tax return for:
- your taxable income;
- reportable fringe benefits (reported on your payment summary);
- total net investment loss (which includes net rental loss);
- reportable super contributions; and
- exempt foreign employment income amounts.
What if I never earn over the income repayment threshold?
If you never exceed the income repayment threshold, the current policy states that you are not required to make a repayment towards your vet fee-help debt. This policy may be subject to change in the future.
MORE QUESTIONS ABOUT VET FEE-HELP?
- Am I eligible for Vet Fee-Help?
- How much can I borrow?
- Can subsidised students access VET FEE-HELP?
- When do I have to repay my HELP debt?
- What if I never earn over the income repayment threshold?
- Which Courses are Vet Fee-Help Approved?