One of Australia’s biggest tax accountancy groups has called the government’s proposed amendments to reduce Higher Education Loan Program (HELP) payments a “game changer” for anyone with a HECS debt.
About three million Australian workers with a HELP debt will get some level of relief in the next financial year should the government’s legislation passes through parliament.
The government wants to increase the amount people earn before they need to repay their debt by more than 20 per cent seeing the minimum threshold increase from $54,435 in 2024-25 to $67,000 in 2025-26.
They also plan to introduce a new system so repayments are only made on income above $67,000 rather than a person’s total income.
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