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11 (Levies and charges)[1]

Students studying overseas during their courses ►

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Unformatted text preview: students studying overseas during their courses) ► Higher education fees can be paid: Upfront (discount applies if the payment is > $500), and/or By taking out a HELP loan Foundations of Taxation Law [¶11.3](b) Foundations of Taxation Law © CCH Australia Limited Repayment of HELP debts Repayment of HELP debts ► HELP debts: Must be repaid under the tax system where “repayment income” exceeds prescribed annual threshold amount May be voluntarily paid off at any time (10% bonus credited against remaining HELP debt if the payment is > $500) ► The rate of repayment varies depending on the level of the person’s “repayment income” Foundations of Taxation Law [¶11.3](c) Foundations of Taxation Law © CCH Australia Limited Repayment income Repayment income Repayment income Reportable fringe benefits total Taxable income Net investment loss Reportable superannuation contributions Exempt foreign income Foundations of Taxation Law [¶11.3](d) Foundations of Taxation Law © CCH Australia Limited HELP repayment thresholds and HELP repayment thresholds and rates 2010/11 rates 2010/11 HELP repayment income Repayment rate Below $44,912 Nil $44,912 – $50,028 4% $50,029 – $55,143 4.5% $55,144 – $58,041 5% $58,042 – $62,390 5.5% $62,391 – $67,570 6% $67,571 – $71,126 6.5% $71,127 – $78,273 7% $78,274 – $83,407 7.5% $83,408 and above 8%...
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students studying overseas during their courses ► Higher...

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