You will be required to start repaying your SFSS debt when your repayment 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 SFSS repayment until your repayment income is above $55,873.
2017-18 SFSS Repayment Rates
Compulsory SFSS repayments are based on a percentage of your repayment income.
The following SFSS repayment rates and thresholds apply for the 2017-18 year:
|Repayment Income (RI)||Repayment rate|
|55,874 – 68,602||2% of RI|
|68,603 – 97,377||3% of RI|
|97,378 and above||4% of RI|
Any compulsory SFSS repayment amount is automatically calculated when your tax return is processed and is based on your repayment income.
What is Repayment Income?
‘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 repayment.