HECS Payback

Discussion in 'Money Management & Banking' started by jins13, 2nd May, 2017.

Join Australia's most dynamic and respected property investment community
Tags:
Page 5 of 5
  1. kierank

    kierank Well-Known Member

    Joined:
    20th Jan, 2016
    Posts:
    8,414
    Location:
    Gold Coast
    I would rather use the word "experienced" :) :).
     
    kierank, 9th May, 2017
    #81
    Scott No Mates likes this.
  2. Colin Rice

    Colin Rice Mortgage Broker Business Member

    Joined:
    9th Jul, 2015
    Posts:
    3,184
    Location:
    Perth
    A client did show me a legitimate way of "not making" your HECS appear on payslips. Technically this debt still needs to be declared though.
     
    Colin Rice, 10th May, 2017
    #82
  3. JasonC

    JasonC Well-Known Member

    Joined:
    14th Mar, 2017
    Posts:
    256
    Location:
    Sydney
    I always thought it should be that instead of applying the percentage against your total income, it would be fairer to have the repayment percentage higher, but only applied to the income over the threshold. Then when you get a pay rise, the HECS repayment only takes a portion of the payrise. That would eradicate the extreme example you provided above.

    Regards,

    Jason
     
    JasonC, 10th May, 2017
    #83
    legallyblonde likes this.
  4. legallyblonde

    legallyblonde Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    858
    Location:
    TAS
    Agreed. I know people who turned down overtime to avoid popping into the next HECS bracket and having a tax debt
     
    legallyblonde, 10th May, 2017
    #84
  5. Ace Ventura

    Ace Ventura Active Member

    Joined:
    6th Feb, 2017
    Posts:
    36
    Location:
    Australia
    Does anyone know if the proposed change in HECS repayments will begin from 1st July 2017?
     
    Ace Ventura, 14th May, 2017
    #85
  6. jins13

    jins13 Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    2,358
    Location:
    Sydney
    jins13, 3rd Jun, 2017
    #86
  7. MikeyBallarat

    MikeyBallarat Well-Known Member

    Joined:
    26th Aug, 2016
    Posts:
    678
    Location:
    Ballarat East
    Because the Labor Party believes that every man and his dog deserves a uni degree.
     
    MikeyBallarat, 6th Jun, 2017
    #87
    Ed Barton likes this.
  8. Ted Varrick

    Ted Varrick Well-Known Member

    Joined:
    21st Jun, 2015
    Posts:
    1,941
    Location:
    No Mans Land
    It always amazes me that when somebody signs a contract that they agree to paying $X for Y periods, and then just decide not to, that they are so surprised when the counter party decides to coerce them into what they initially agreed to, irrespective of their <the dog ate my homework> excuses.

    Apparently in a commercial arrangement there are penalties, but if the Government (ie. all of us) suffers the loss then the Govt should just suck it up.
     
    Ted Varrick, 7th Jun, 2017
    #88
    Terry_w likes this.
  9. Greyghost

    Greyghost Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    1,635
    Location:
    Brisbane
    Exactly.
    HECS was an old boys classic move.
    Get the govt to fund the sector growth, the populous will pay it back sooner or later.
     
    Greyghost, 8th Jun, 2017
    #89
    Perthguy likes this.
  10. BKRinvesting

    BKRinvesting Well-Known Member

    Joined:
    15th Oct, 2015
    Posts:
    685
    Location:
    Canberra, ACT
    Side note.
    When applying for a recent set of loans I jumped into myGov to check my HECS balance.

    I was greeted with a big fat $0.
    Boo yah!
     
    BKRinvesting, 8th Jun, 2017
    #90
    Perthguy and legallyblonde like this.
  11. Scott No Mates

    Scott No Mates Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    27,224
    Location:
    Sydney or NSW or Australia
    Have you changed your tax declaration too?
     
    Scott No Mates, 8th Jun, 2017
    #91
  12. BKRinvesting

    BKRinvesting Well-Known Member

    Joined:
    15th Oct, 2015
    Posts:
    685
    Location:
    Canberra, ACT
    Self employed/contracting and pay myself a directors fee so no need ;)
     
    BKRinvesting, 8th Jun, 2017
    #92
Page 5 of 5