You will be required to start repaying your HELP debt when your income is above the minimum threshold for compulsory repayment. The repayment threshold is adjusted each year.
For the 2017-18 financial year, you will not have to make a compulsory HELP repayment until your repayment income is above $55,873.
2017-18 HELP Repayment Rates
The following HELP repayment thresholds and rates apply for the 2017-18 year:
|HELP Repayment Income (HRI)||Repayment Rate|
|55,874 - 62,238||4.0% of HRI|
|62,239 - 68,602||4.5% of HRI|
|68,603 - 72,207||5.0% of HRI|
|72,208 - 77,618||5.5% of HRI|
|77,619 - 84,062||6.0% of HRI|
|84,063 - 88,486||6.5% of HRI|
|88,487 - 97,377||7.0% of HRI|
|97,378 - 103,765||7.5% of HRI|
|103,766 and above||8.0% of HRI|
Any compulsory HELP repayment amount is automatically calculated when your tax return is processed and is based on your HELP repayment income.
What is HELP Repayment Income?
HELP repayment income is made up of your:
total net investment loss (including rental losses),
reportable fringe benefits amounts,
reportable super contributions, and
any exempt foreign employment income.
The Australian Taxation Office has an online Study and Training Loan Repayment Calculator. The calculator provides you with an estimate of your compulsory HELP repayment.