How to vary pay as you go (PAYG) instalments

Compulsory Financial Supplement repayment

This item only applies to you if you are liable to repay amounts under the Student Financial Supplement Scheme (SFSS).

Your estimated tax may include an amount for you to pay toward your Financial Supplement debt if your estimated repayment income is above the minimum repayment threshold, even if you are still studying.

From 1 July 2009, repayment income will be calculated using the following amounts:

• your estimated taxable income
• your total reportable fringe benefits amounts as reported on the payment summary
• total net investment loss (which includes net rental losses)
• reportable super contributions
• any exempt foreign employment income amounts included in an income tax return.

We will only calculate one compulsory repayment in this assessment based on your accumulated debt at the time we make the assessment.

You will not have to make a compulsory repayment if you have a spouse or dependants and if, due to low family income, you either:

• are entitled to a reduction of your Medicare levy
• do not have to pay the Medicare levy.

Sections within Estimating the tax on your business and investment income

• Income
• Allowable deductions
• Tax on estimated taxable income
• Tax offsets (other than refundable tax offsets)
• Foreign income tax offsets
• Net tax payable
• Medicare levy
• Net tax payable after applying Medicare levy and foreign tax credits
• Compulsory HELP repayment
• Compulsory Financial Supplement repayment
• Refundable tax offset
• Estimated tax credits
• Tax on business and investment income