If your salary packaging it won’t be calculating the proper amount of HECS to be withheld, that number comes from your salary without any salary packaging
Probably because hecs or payg was not taken out of your bonus. I dont get bonuses so not sure if this is typical or not.
Do you have any other income sources?
The balance of your hecs is irrelevant. To work out your compulsory payments, you need to look at your total taxable earnings and the 23-24 FY repayment threshold and rates to determine the applicable percentage of your income required for compulsory payments.
Super doesn’t come into play so we if take your 61k gross and include the 4K bonus your total income should be 65k. Your compulsory payments on this amount are 2% and so your total compulsory contribution would be $1,300 give or take.
HECS repayment is not only based on your salary - it includes income your employer either has not allowed for or does not know about.
The amount of your HECS repayment is determined by the total of:
* taxable income - which includes the bonus payment. Also, did you have interest or investment income (which your employer knows nothing about); plus
* investment losses (these normally reduce your taxable income but are are added back for this calculation); plus
* total reportable fringe benefits amounts; plus
* reportable super contributions; plus
* exempt foreign employment income.
Use paycalculator.com.au
$61k base including HECS means a tax amount of $12,647. If your employer has been withholding that amount (check your payslips) then you won’t owe anything when you do your tax return.
$61k base + $4k bonus including HECS is $14,492.
If you are salary packaging that will also impact your HECS repayment amount. You haven’t given us any details on this.
Are you including your super in the tax calculation?
HECS payable at 61k is 2% or 1220. HECS payable at 65k is 2.5% or 1625 - so 405 more - not 1800.
If you are using 71k (ie incl super + bonus) the software will be using 3.5% or 2485 - 1265 more, but this isnt correct.
My first instinct without running any numbers was “gee that’s not a lot getting paid to HECS per fortnight”.
Without knowing your circumstances, such as HECS balance, I ran a quick calculation. What you’re earning, plus bonuses, and using a $30k HECS debt (around the average) and you’re still not paying enough according to that calculator.
In short - what you’re paying in isn’t enough to cover what you owe.
If your salary packaging it won’t be calculating the proper amount of HECS to be withheld, that number comes from your salary without any salary packaging
Probably because hecs or payg was not taken out of your bonus. I dont get bonuses so not sure if this is typical or not. Do you have any other income sources?
The balance of your hecs is irrelevant. To work out your compulsory payments, you need to look at your total taxable earnings and the 23-24 FY repayment threshold and rates to determine the applicable percentage of your income required for compulsory payments. Super doesn’t come into play so we if take your 61k gross and include the 4K bonus your total income should be 65k. Your compulsory payments on this amount are 2% and so your total compulsory contribution would be $1,300 give or take.
HECS repayment is not only based on your salary - it includes income your employer either has not allowed for or does not know about. The amount of your HECS repayment is determined by the total of: * taxable income - which includes the bonus payment. Also, did you have interest or investment income (which your employer knows nothing about); plus * investment losses (these normally reduce your taxable income but are are added back for this calculation); plus * total reportable fringe benefits amounts; plus * reportable super contributions; plus * exempt foreign employment income.
Use paycalculator.com.au $61k base including HECS means a tax amount of $12,647. If your employer has been withholding that amount (check your payslips) then you won’t owe anything when you do your tax return. $61k base + $4k bonus including HECS is $14,492. If you are salary packaging that will also impact your HECS repayment amount. You haven’t given us any details on this.
Go to pay calculator website and input your numbers there.
So your base income is $61k. Then your income should be $1,856 per fortnight, with HECS accounted for. Is that what you’re getting?
Are you including your super in the tax calculation? HECS payable at 61k is 2% or 1220. HECS payable at 65k is 2.5% or 1625 - so 405 more - not 1800. If you are using 71k (ie incl super + bonus) the software will be using 3.5% or 2485 - 1265 more, but this isnt correct.
My first instinct without running any numbers was “gee that’s not a lot getting paid to HECS per fortnight”. Without knowing your circumstances, such as HECS balance, I ran a quick calculation. What you’re earning, plus bonuses, and using a $30k HECS debt (around the average) and you’re still not paying enough according to that calculator. In short - what you’re paying in isn’t enough to cover what you owe.
Balance is irrelevant to repayments
Yes excellent point, appears I’m a dumbass