- Tax preparation
- Statement of formula / rates and thresholds
The formulas for higher education loan repayments and NAT 3539 output file, which includes tabs containing tables for the HELP and SFSS rates, that apply from 1 July 2018 are provided below. The Budget Savings (Omnibus) Bill 2016 introduced a new lower minimum repayment rate and threshold for all HELP debts.
Updated schedules and tax tables that apply from 1 July 2018 have been published at ato.gov.au/tax tables
HELP and other study and training support loans thresholds and repayment rates 2019-20
The repayment rates and income thresholds for HELP and other study and training support loans for the 2019-20 financial year are available under ‘Resource Attachments’.
Changes arising from the passing of the Sustainability and VSL Separation Bills in 2018 are:
- There will no longer be separate SFSS tax tables.
- When tax tables are updated for 2019-20, the HELP/SSL/TSL tax tables are likely to be renamed ‘Study and Training Support Loans tax tables’, incorporating HELP, VSL, SFSS , SSL, ABSTUDY SSL and TSL.
- Repayment rates and income thresholds have reduced and will commence at $45,881 with 1% repayments up to an amount of more than $134,573 with 10% repayments.
- Additional repayment rates and thresholds at 0.5% increases have been included.
- SFSS will become part of a single study and training support loan repayment hierarchy. Study and training support loan debts are paid off in full, one at a time, according to the hierarchy.
- The repayment hierarchy for study and training support loans will be:
- ABSTUDY SSL
Find out more:
To find out more about the different types of study and training support loans go to Study and training support loans.