Claim your $1,825.46 HECS-HELP benefit!
This week we assisted a new tax client, a local primary school teacher, lodge both her 2015-2016 and 2016-2017 HECS-HELP benefit applications which resulted in extra tax refunds of $1798.48 (2015-2016) and $1825.46 in (2016-2017).
The incentive benefit essentially refunds a portion of HEC-HELP debt repayments for teachers, nurses, scientists and mathematicians who have graduated with relevant degrees since 2008 or 2009, have a HECS-HELP debt and have earned salaries in these fields In 2016-2017 over the relevant HECS repayment thresholds.
This table lists the maximum benefit amounts for each income tax year.
Income year |
Early childhood education teachers |
Maths or science graduates |
Education and nursing (including midwifery) graduates |
2016-17 |
$1,947.17 |
$1,825.46 |
$1,825.46 |
2015–16 |
$1,918.39 |
$1,798.48 |
$1,798.48 |
The HECS-HELP Benefit will be removed from 1 July 2017. This means that the 2016/17 income year is the last for which a person can claim the HECS-HELP Benefit. However, a person still has two years to lodge their application.
To make a claim for the 2015-2016 tax year your application must be lodged before 30/6/2018 and to claim 2016-2017 lodged before 30/6/2019.
You can find out more details HERE
Give the team at Crown Noble a call 07 4636 6655 or email admin@crownnoble.com.au to discuss your eligibility for the last two financial years and for any assistance with your applications.