ATO has introduced a single tax scale "Study and training support loans".
From 1 July 2019, all study and training loans are covered by one set of thresholds and rates.
In addition, the hierarchy in which compulsory repayments are applied to study and training loans, was changed to the following;
- ABSTUDY SSL
1) ATO HELP / SFSS Scale Changes in July 2019 onward:-
. Please refer a link on ATO website for more updates: https://www.ato.gov.au/Rates/HELP,-TSL-and-SFSS-repayment-thresholds-and-rates/
2) Action needed from your side?
. All members having SFSS Scale need to get changed to HELP / STSL Scale.
. If you would like us to perform the above change on your behalf then please contact us immediately for applying this change. The Flat cost of this change is $250.
3) How we have implemented this change in EntireHR?
. We have updated the current HELP Tax Scale according to the new slabs given by ATO.
. This means all your current Members having HELP Scale will get automatically processed according to the new STSL Scale.
. Details of new scale set up are as follows:-
- Obligation: Study and training support loans
- Tax Free Threshold: SCALE STSL - TAX FREE THRESHOLD
- Non - Tax Free Threshold: SCALE STSL - NON TAX FREE THRESHOLD
4) Upcoming Changes in EntireHR?
. Due to this change, we are changing various sections in our software to display STSL instead of HELP.
. Electronic tax File Declaration Page: All Clients using our Enterprise Version will get this change before 21st July 19.
. Payslips / Reporting: Correct calculations are already in place but changes in the text from HELP to STSL text will get change before 21st July 19.
. SFSS Scale: We are still keeping SFSS Scale on all reports for you to be able to view past records.