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If you're self-employed or earn income from other sources, you need to make your own student loan repayments. The amount of your repayment depends on your total and adjusted net income.

Use the following calculation to work out your end of year repayment if your total income is over:

  • $20,780 for the 2022 tax year
  • $20,520 for the 2021 tax year
  • $21,260 for the 2020 tax year.

You may also need to make interim payments throughout the year.

Deduct the annual repayment threshold

Deduct the annual repayment threshold from any salary or wage income.

The annual repayment threshold is:

  • $20,280 for the 2022 tax year
  • $20,020 for the 2021 tax year
  • $19,760 for the 2020 tax year.

Deduct any remaining threshold amount from your adjusted net income

Multiply the amount by 0.12

For the 2021 tax year onwards, if your remaining adjusted net income is $500 or more ($1,500 or more for the 2020 tax year), multiply the amount by 0.12 to get your end-of-year repayment.

My responsibilities

It's important to repay the right amount for your loan each year. If you pay back too little, we may charge late payment interest on overdue repayments.

If you have adjusted net income that is not shown on a tax return, you will need to adjust your income to declare it.