21 May 2024 — podcasts

An update on HECS repayments and tax checks

audio available
Written by bongiorno group

Higher Education Contribution Scheme (HECS) and Higher Education Loan Program (HELP) were designed to provide cheap loans for tertiary students to fund their education, the indexation of which has been traditionally linked to the consumer price index (CPI).
However, the indexation in recent times has spiked significantly, alarming both students and government. To address this, new legislation effective from June 1, 2023, ties indexation to the lower of CPI or Wage Price Index (WPI), ensuring HELP debts do not outpace wage growth.
To explain the measures and what it means to students with HELP or HECS debts is the Bongiorno Group’s Ada Bataski, Tax Supervisor and Mitch McKeown, Director.
This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product disclosure Statement before deciding to acquire the product.


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