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If your repayment income is $75,000 in the financial year 2022-2023  and your HELP debt was  $65,000 at the start of the financial year, your repayment % this year is  _______________________ and  your minimum repayment this year  is ________________.A.3%; $2,250B.3%; $1,950C.4.5%; $2,925D.4.5%; $3,375

Question

If your repayment income is 75,000inthefinancialyear20222023 andyourHELPdebtwas 75,000 in the financial year 2022-2023  and your HELP debt was  65,000 at the start of the financial year, your repayment % this year is  _______________________ and  your minimum repayment this year  is ________________.A.3%; 2,250B.32,250B.3%; 1,950C.4.5%; 2,925D.4.52,925D.4.5%; 3,375

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Solution

The repayment income threshold for the financial year 2022-2023 is set by the Australian Taxation Office (ATO). According to the ATO, for an income of $75,000, the repayment rate is 4.5%.

So, the correct repayment percentage is 4.5%.

To calculate the minimum repayment for the year, you multiply the repayment income by the repayment rate:

75,0004.575,000 * 4.5% = 3,375

So, the correct answer is D. 4.5%; $3,375.

This problem has been solved

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