HECS-HELP Debts: Indexation Factor and Repayment Rates for 2023-24
Annual Indexation Factor Update
The annual indexation factor for HECS-HELP debts is updated in June of each year. The next update will be on 1 June 2023 for the 2023-24 financial year.
Repayment Income Thresholds and Rates
The repayment income thresholds and rates for the 2023-24 financial year have been announced. The new repayment rate is 7.1% of your taxable income over the repayment threshold.
Income Thresholds
- Single or widow/er with no dependents: $46,620
- Couple or single with dependents: $52,881
Repayment Rates
Your repayment rate depends on your taxable income and repayment method. The following table shows the repayment rates for the 2023-24 financial year:
| Taxable Income | Bi-weekly Deduction | Monthly Deduction | Quarterly Deduction | Annual Deduction |
|---|---|---|---|---|
| $46,620 - $52,880 | $0 | $0 | $0 | $0 |
| $52,881 - $64,946 | $24.33 | $52.56 | $157.69 | $946.10 |
| $64,947 - $77,008 | $54.55 | $117.61 | $352.83 | $2,116.90 |
| $77,009 - $89,069 | $84.77 | $182.66 | $548.00 | $3,288.00 |
| $89,070 - $101,130 | $114.99 | $247.71 | $743.13 | $4,458.70 |
| $101,131 and above | $145.21 | $312.76 | $938.30 | $5,629.80 |
Note: These rates are based on the assumption that you are making voluntary repayments. If you are required to make compulsory repayments, your repayment rate may be higher.
HECS-HELP Debt Increase
Due to the indexation factor, your HECS-HELP debt will increase by 7.1% for the 2023-24 financial year.
HECS Calculator
You can use the HECS calculator on the Australian Taxation Office (ATO) website to estimate how much your HECS debt will increase by and your repayment amount.
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