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Archives for Tax

How do I repay my HELP (HECS) debt?

Ever wondered how your HELP/HECS debt gets paid to the government? Are you unsure about these so called ‘thresholds’ and what they mean? We are currently rolling into a new financial year, which means some changes around tax legislation, including your HELP debt. If you’ve been to uni, you’ve mostly likely racked up a substantial HELP debt. When I went to uni it was called HECS. So HELP stands for High Education Loan Program.  I decided to write this blog as…

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What is the Medicare Levy?

I recently received my Wondersmile aligners and it got me thinking about private health insurance and health care in Australia, more commonly known as Medicare. So I thought I’d give you a quick rundown.  What’s the Medicare Levy? And how does it get calculated? What happens if I have private health insurance? What happens if I don’t? Medicare in Australia  Medicare gives us access to health care here in Australia. Medicare gives us access to:  free or subsidised treatment by health professionals…

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How does my tax get calculated?

Ever wondered how your individual income tax gets calculated? Or how the Australian taxation system works? Long story short, in Australia the more you earn the more you get taxed. Tax affects all of us, so it’s important to understand how it works. If we didn’t pay tax, how would we run our schools? Our hospitals? Who would build our roads?  Our tax in Australia works on a sliding scale. Essentially, the higher your income, the more tax you…

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