This is a hip term the Tax Office has come up with “HELP Debt” (HELP – Higher Education Loan Programme).

It used to be known as HECS ( Higher Education Contribution Scheme).

Generally speaking, HELP is similar to tax withheld on wages.

As with tax on wages it appears to be compulsory to withhold the amounts from the regular pays as opposed to paying it at the end of the year.

It’s a bit like asking to pay your income tax at the end of the year and not have the tax deducted every pay.

If your taxable income is going to be lower from a rental loss or some other deduction or you only worked part of the year(basically your taxable income is goingto be lower than if you received the current pay all year) then you could vary
your overall PAYGW obligations.

This entry was posted on Tuesday, April 8th, 2008 at 11:36 pm and is filed under PAYG. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.