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Withholding extra for study or training loans?

If your employee indicates they have a study or training loan on their Tax file number declaration or Withholding declaration form, you may need to withhold an extra amount from their pay to cover compulsory repayments at the end of the financial year.

From 1 July 2019, the new minimum repayment threshold is $45,881. This means that employees who have previously earned below the threshold may now need to make compulsory payments for the first time.

To view more detail on the new ATO thresholds and rates, click here.

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