My payslip says that my work has withheld $2,000 of my pay for HELP but when I check my HELP balance it is still the same. Is this because my work hasn’t paid it to the tax office yet? Should I notify someone?
Your work is required to withhold additional tax from your wages if you earn over the threshold and have a HELP debt. This additional tax is paid to the tax office but is not offset against your HELP debt until you lodge your tax return. This is because the amount of HELP you need to repay is calculated on your taxable income, once all your income is added together and deductable expenses taken off. If your employer has withheld too much HELP & tax you get a refund – if they have withheld too little then you will need to pay the extra when you lodge your tax return. This is why it is important to let your employer know that you have a HELP debt. This is usually declared on your TFN declaration. If you are unsure about the HELP your employer is withholding then contact Affinitas on (07) 3359 5244 or firstname.lastname@example.org.