HECS and TAX

[MoOaNdLiTtLePoPpEt]

DP has been earning above the income limit for the past 6 forntights, so been paying hecs, however his yearly income isn't at the point where HECS is cumpolsary due to his previous job...

so someone said we will get what we have paid back at tax time, is this included in the estimate on etax or not?

thanks

[MandaMommy]

Yes that is correct that you will receive the amount deducted for HECS back at tax time if your DH has an annual income under the limit.

This also applies to me, as I only worked for the first 2 months of the financial year and paid about $100 per week towards my HECS bill. So yes I'm getting it back :)

As for ETAX the answer is yes... the refund amount will be correct. I think it has a question which asks about the HECS and it would be best for you to complete the question but even if you don't the estimated refund will include the refund of HECS amount paid as it will correctly calculate the tax amount payable on your DH annual income and the amount he has paid towards the HECS is inlcuded in the total amount of PAYG tax he has paid. So you will receive the difference.

[aje001]

MM is right. Hooray for refunds!!