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.
If your total income is over $21,260 use the following calculation to work out your end of year repayment. 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 $19,760.
Deduct any remaining threshold amount from your adjusted net income
Multiply the amount by 0.12
If the remaining adjusted net income is $1,500 or more, multiply the amount by 0.12 to get your end-of-year repayment.
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.