#Auspol #HigherEd #HECS #Scam #ATO #AustralianTaxOffice
The ATO is charging interest on HECS that has already been repaid! đ¨
When interest rates were 1% it was barely noticeable. But now, it's hundreds of dollars that students are being scammed.
HECS indexation increasing unaffordable student debt
âIn 2020 and previous years, indexation was sitting around 1.8%- 2% and then a jump to 3.9% in 2022 and in 2023 a whopping 7.1%âŚ
âYour HECSÂ debt is indexed on 1Â June every year before the end of the financial year. Really, it should be indexed after the start of the new financial year on 1 July.
âThe problem with the indexation system is that the ATO hasnât calculated the repayments your employer has made throughout the year, hence they are applying indexation to your debt amount from the start of the financial year.
âThis means that a larger dollar amount will be indexed causing you to end up with more debt added on.
âThe ATO should be including the payments you have already made to reduce the debt for that financial year.â
#IndependentAustralia #IA #IndependentMedia #RowanBosman đđ˝
#auspol #highered #hecs #scam #ato #australiantaxoffice #independentaustralia #ia #independentmedia #rowanbosman