Many savings accounts pay interest much higher than the HELP indexation rate, so you could end up ahead by investing in an ETF exchange traded fund , direct shares, property, a business or even popping the money into an online high-interest savings account instead. If you're thinking about investing, be conscious of any risks and think about your investment timeframe before jumping in.
If you're curious, you might like to start by listening to this short introduction from the Pineapple Project. There's one more thing we should mention. If, like this audience member, you're saving for a house, keep in mind that having student debt can affect how much you can borrow.
This is one reason why some people choose to pay off their HELP debt earlier. Finally, if your student debt plays on your mind from time to time, just be glad we don't live in the United States, where student debt can be far more expensive and stressful. This article contains general information only. You should obtain specific, independent professional advice in relation to your particular circumstances and issues.
ABC Everyday helps you navigate life's challenges and choices so you can stay on top of the things that matter to you. We acknowledge Aboriginal and Torres Strait Islander peoples as the First Australians and Traditional Custodians of the lands where we live, learn and work. ABC Everyday. Print content Print with images and other media. Print text only. Print Cancel. It is important to keep all work related receipts and to take advice on what you can claim in order to maximise your refund.
Read our ultimate guide to tax deductions. If you are working more than one job, each employer will only withhold additional tax to cover your HECS-HELP debt based on the income that they pay you. If your combined income from multiple employers is over the minimum repayment threshold, you will still be liable to make a repayment towards your HECS-HELP debt when you lodge your tax return.
Use one of our Taxsaver envelopes to keep all your receipts and documents for the year. Remember — if you are not sure if you can claim an expense, keep the receipt and we will ensure that we claim all allowable deductions and rebates for you whilst preparing your tax return.
Every year we help thousands of Australians achieve a better taxation result. For your nearest office call 13 23 Phone Appointments available. The Sydney Morning Herald. By Craig Butt August 26, — Save Log in , register or subscribe to save articles for later. Normal text size Larger text size Very large text size. License this article. Your account contains a record of your loan or loans including: indexation amounts voluntary and compulsory repayments overseas levy amounts You can use our online services to view your loan account and other information, such as your payment reference number PRN and voluntary repayment options.
If you already have a myGov account linked to the ATO, you can log in at any time. Log into myGov and update details As your loan information is transferred to us from other government agencies, there may be a delay between when you acquire the loan and when it is reflected in your loan balance.
At any time during the year, you can phone us to request a statement.
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