Budget Savings (Omnibus) Act 2016 (55 of 2016)

Schedule 1   Minimum repayment income for HELP debts

Higher Education Support Act 2003

2   Section 154-20 (table)

Repeal the table, substitute:

Applicable percentages

Item

If the person's repayment income is:

The percentage applicable is:

1

More than the *minimum repayment income, but less than:

(a) for the 2018-19 *income year - $57,730; or

(b) for a later income year - that amount indexed under section 154-25.

2%

2

More than the amount under item 1, but less than:

(a) for the 2018-19 *income year - $64,307; or

(b) for a later income year - that amount indexed under section 154-25.

4%

3

More than the amount under item 2, but less than:

(a) for the 2018-19 *income year - $70,882; or

(b) for a later income year - that amount indexed under section 154-25.

4.5%

4

More than the amount under item 3, but less than:

(a) for the 2018-19 *income year - $74,608; or

(b) for a later income year - that amount indexed under section 154-25.

5%

5

More than the amount under item 4, but less than:

(a) for the 2018-19 *income year - $80,198; or

(b) for a later income year - that amount indexed under section 154-25.

5.5%

6

More than the amount under item 5, but less than:

(a) for the 2018-19 *income year - $86,856; or

(b) for a later income year - that amount indexed under section 154-25.

6%

7

More than the amount under item 6, but less than:

(a) for the 2018-19 *income year - $91,426; or

(b) for a later income year - that amount indexed under section 154-25.

6.5%

8

More than the amount under item 7, but less than:

(a) for the 2018-19 *income year - $100,614; or

(b) for a later income year - that amount indexed under section 154-25.

7%

9

More than the amount under item 8, but less than:

(a) for the 2018-19 *income year - $107,214; or

(b) for a later income year - that amount indexed under section 154-25.

7.5%

10

More than the amount under item 9.

8%