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.
Interim payments
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.
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.
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