I’m about to update the website with 2008/09 thresholds and rates. Until they are all up, I’ll be listing them here for quick access. For more info on the SFSS and earlier year thresholds, be sure to check our Individual Taxation page.
You will be required to start repaying your SFSS debt when your repayment income is above the minimum threshold for compulsory repayment.
The following rates apply for the 2008-09 financial year:
|
Rate
%
|
Repayment Income *
Thresholds
|
| Nil | 0 – 41,595 |
| 2 | 41,595 – 51,070 |
| 3 | 51,071 – 72,492 |
| 4 | 72,493+ |
* ‘Repayment income’ is the sum of the taxpayer’s taxable income plus any net
rental losses, total reportable fringe benefits amounts and any exempt foreign employment income.
Online Calculator
The Australian Taxation Office have an online Student Finanical Supplement Scheme repayment calculator.
The SFSS repayment calculator provides you with an estimate of your compulsory SFSS repayment.
Article by Christie Lewis
Christie is Practice Manager at Alan Lewis Accountants . Besides accounting, her passion is for all things small business (and blogging, of course). You can contact Christie directly at christie@lewistaxation.com.au.
Christie has written 811 awesome articles for us at Alan Lewis Accountants – BLOG
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