Mugabetown - Whoretownin' At It's Worst.

[Miss-R34]

I think I need a better accountant. My computer is a shifty prick.

[Ants]

Chants, HECS rates:

https://www.ato.gov.au/rates/help-repayment-thresholds-and-rates/

If you're below the threshold you WON'T have to pay any. If you do b*tch and complain, or get a better accountant.

she cannot do much about it Smartie.

although the employer should have had withheld the correct amount of PAYG W it wasn't

this means Chants received more cash in hand during the course of the income year

having a HECS/HELP debt at does not help her situation - although should she only have an ATI < $51,309 then that will then mitigate any HELP repayments for last FY

All I can say for you peeps is to check and double or even triple check your weekly / monthly payslips to ensure the correct amounts are being calculated

[sneakey pete]

Chants, HECS rates:

https://www.ato.gov.au/rates/help-repayment-thresholds-and-rates/

If you're below the threshold you WON'T have to pay any. If you do b*tch and complain, or get a better accountant.

Oh... cock.

Didn't know it wasn't a progressive rate.

If you earn just above the threshold you pay 4% of your total income. if you earn just under the threshold, nothing. I guess i'll be paying off my HECS in only a few years.

[Ants]

Oh, i didn't realize it was a progressive rate, thought it was just 8% flat on anything above 53K.

its never been a flat rate Pete

It's always being scaled ATI (equivalent) thresholds

[Melly]

same! I was up at 3:15 and couldn't fall back to sleep

Shoulda told me I could have a sleepless buddy to chat with

Feel sooooo much like crap though

Had I known that I would have informed you lol!

[Smity42]

Oh... cock.

Didn't know it wasn't a progressive rate.

If you earn just above the threshold you pay 4% of your total income. if you earn just under the threshold, nothing. I guess i'll be paying off my HECS in only a few years.

Yep it's a b*tch if you're not ready for it. But if your employer is correctly taking out the HECS amount from your pay, it won't be a big problem and you will smash your HECS debt in a few years, which is great. That's what I did, although the first year my employer did not take out the correct amount so I got a massive bill .

she cannot do much about it Smartie.

although the employer should have had withheld the correct amount of PAYG W it wasn't

this means Chants received more cash in hand during the course of the income year

having a HECS/HELP debt at does not help her situation - although should she only have an ATI < $51,309 then that will then mitigate any HELP repayments for last FY

All I can say for you peeps is to check and double or even triple check your weekly / monthly payslips to ensure the correct amounts are being calculated

She's saying she earnt ~50k but is having to pay 2.2k HECS. Which is wrong. Regardless of what her employer has taken out, she should not have to pay ANY hecs back on 50k.

The other problem of her employer not taking enough out, yeah nothing she can do about that. But you can apply to the ATO to pay it off over time rather than have to front up the full amount straight away.

[sneakey pete]

its never been a flat rate Pete

It's always being scaled ATI (equivalent) thresholds

The rates scale, but the payment is not progressive. Eg as per the example from the ATO's site.

"Example: HELP compulsory repayment

Mitchell’s repayment income for the 2013–14 income year was $54,915, and the repayment rate for repayment income from $51,309–$57,153 was 4.0%. Mitchell’s compulsory repayment was $54,915 × 4.0% = $2,196.60"

In other words, if you earn 100K flat minus writeoffs etc, you will pay $8000 in HECS

Yep it's a b*tch if you're not ready for it. But if your employer is correctly taking out the HECS amount from your pay, it won't be a big problem and you will smash your HECS debt in a few years, which is great. That's what I did, although the first year my employer did not take out the correct amount so I got a massive bill .

She's saying she earnt ~50k but is having to pay 2.2k HECS. Which is wrong. Regardless of what her employer has taken out, she should not have to pay ANY hecs back on 50k.

The other problem of her employer not taking enough out, yeah nothing she can do about that. But you can apply to the ATO to pay it off over time rather than have to front up the full amount straight away.

Yeah, they have. They left 16K of my income out, which means i'd theoretically owe 2K less which explains why its so messed up and why the tax calculator wanted to give me a 7K refund.

However as per the example above, if Chants has earnt over $51309 she will owe minimum 2K. so if you earn 51K on your job they have no need to take out HECS, you earn a few hundred bucks somewhere else all of a sudden your tax bill jumps by 2K. In this case i'd be seeing a good accountant and trying to get your taxable income under $51309.

[SCR48]

Found this add in the local rag the other day....

[Ants]

Yep it's a b*tch if you're not ready for it. But if your employer is correctly taking out the HECS amount from your pay, it won't be a big problem and you will smash your HECS debt in a few years, which is great. That's what I did, although the first year my employer did not take out the correct amount so I got a massive bill .

She's saying she earnt ~50k but is having to pay 2.2k HECS. Which is wrong. Regardless of what her employer has taken out, she should not have to pay ANY hecs back on 50k.

The other problem of her employer not taking enough out, yeah nothing she can do about that. But you can apply to the ATO to pay it off over time rather than have to front up the full amount straight away.

That depends on what Chants HRI is Smartie - if only just $50K salary alone and nothing else then I agree.

But there is not enough information here to determine that FTM and perphaps Chants wants to keep that information to herself (which is all completely understandable )

The rates scale, but the payment is not progressive. Eg as per the example from the ATO's site.

"Example: HELP compulsory repayment

Mitchell’s repayment income for the 2013–14 income year was $54,915, and the repayment rate for repayment income from $51,309–$57,153 was 4.0%. Mitchell’s compulsory repayment was $54,915 × 4.0% = $2,196.60"

In other words, if you earn 100K flat minus writeoffs etc, you will pay $8000 in HECS

Pete you really need to work on your clarity brah

[Bunta]

Whats a HECS?

[Miss-R34]

I think I need a bloody good account. 50k was combined from wages and family tax I think Payroll has screwed my ass to a poll with this one.

[Miss-R34]

Whats a HECS?

It's bending over, allowing the ATO to screw you for years.

[Bunta]

It's bending over, allowing the ATO to screw you for years.

Oh its a poor people thing, like not having cars ect? *end Joe Hockey impersonation*

[Bunta]

Despite my no HECS i still get molested by the ATO every year anyway so I feel your pain.

[Miss-R34]

Oh its a poor people thing, like not having cars ect? *end Joe Hockey impersonation*

Yep exactly the same. Us poor people man, we're just taking up space.

[Ants]

I think I need a bloody good account. 50k was combined from wages and family tax I think Payroll has screwed my ass to a poll with this one.

Chants did you have the same problem the year before and was the level of income (in totality) similar?

[Miss-R34]

Financial year before I wasn't working.

[Ants]

Despite my no HECS i still get molested by the ATO every year anyway so I feel your pain.

thats because you have positive passive income which is not taxed or only partially imputated

I'd say you'd be doing rather well IMO

[SCR48]

Found this add in the local rag the other day....

No one wants a R33 GTR for under 10k?

[Ants]

No one wants a R33 GTR for under 10k?

that was on Bookface the other day Scottie

I would be very suspicious about the sale and condition of the vehicle.