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 to work out your end-of-year repayment, if your total income is over the repayment threshold:
Before you start
You will need your:
- adjusted net income amount
- salary and wage income amount.
Add together your adjusted income plus any salary and wage income
Deduct the annual threshold amount from your total income
The annual repayment threshold is:
- $21,268 for the 2023 tax year
- $20,280 for the 2022 tax year.
Multiply the amount by 0.12
You may also need to make interim payments throughout the year.
We will send you a notice that tells you what your loan payments are, and details of any interim payments you need to make towards next year's assessment.
The purpose of the interim payments is to allow you to make student loan repayments during the year instead of only as a lump sum at the end. This makes repaying your student loan more manageable. The interim payments you make will go towards reducing your end of year obligation.
You are not required to make interim payments, but, you can choose to make voluntary student loan payments at any time. This will also reduce the amount you need to pay at the end of the year.
You’ll need to make interim payments in the next tax year.
Your interim assessment for the year is your previous year’s repayment obligation plus 5%. If you have not filed the previous year’s return by the time the interim payment is due, then your interim assessment will be based on the repayment obligation in the year before the previous year, plus 10%.
Most people's interim payment dates will be 28 August, 15 January and 7 May, with any remaining payment due on 7 February the following year. If your income year does not end on 31 March, call us to find out when your payments are due.
Reducing your interim payments
Your interim payments are based on your previous year's income. The more you earn, the bigger the interim payments will be. If we tell you what your interim payments will be, but you think your income is going to be less than the year before, you can ask us to reduce the interim payments.
To do this, you must estimate what your total adjusted net income will be for the year. Base this on what you expect to earn, including other income types and adjustments. If you expect to earn any income from salary or wages you'll also need to estimate this.
If your expected yearly income changes after making an estimation, you can re-estimate your interim assessment as many times as you need to up to your final interim payment date.
It is important to make sure your estimate is accurate. If your estimate is less than what you need to pay, we may charge you a penalty.
You can estimate your interim assessment via myIR. You will need to:
- Select Student loan account
- Select More under I want to
- Select Estimate interim assessment
- Enter the required details and click Submit.
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.
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