Hello Chasers,
One of the biggest costs to a successful career can be your education fees.
If you have a study and training loan balance (e.g., a HELP debt), it may be worthwhile to consider methods of reducing the balance to ensure you are not left with a large tax bill when your 2023 income tax return is lodged.
While there is no interest charged on study and training loans, indexation is added to these debts on 1 June each year, based upon the consumer price index (‘CPI’). Given the current rate of inflation, individuals with study and training loan balances should expect a larger than normal adjustment this year.
Your home loan application could be impacted by your HELP debt, so the quicker it is gone the better off you will be in the future!
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