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.

The advice provided is general advice only as, in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product.

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admin@crownnoble.com.au

(07) 4636 6655

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