You might be in your early years of study and about to enter the workforce as a trainee. You might have completed your degree and are now ready to start your new specialist role.
Whatever the case, if you are working and have a Higher Education Contribution Scheme (HECS) loan, make sure that you tick the yes tickbox at Section 10 of the TFN Declaration Form. By ticking this box your employer knows to withhold the right amount of tax each pay period which differs depending on your annual gross income.
Earning a HD in your final exam is a great surprise; being hit with an unexpected tax bill is not!
Visit the ATO’s website or contact our team today to learn more about the compulsory repayments for HECS loans.
Got a study loan? Tick the relevant box on the TFN declaration form whenever you start a new job! ✅
— ato.gov.au (@ato_gov_au) November 18, 2019
👉 Declaring your loan will help ensure your boss withholds the right amount of tax (so you can avoid an unwelcome surprise at #TaxTime!). See https://t.co/QiaFXkssBn pic.twitter.com/fUSVQFsfC0