HECS/HELP debt versus Financial Supplement debt
On the TFN declaration form, in question 10, it asks:
"Do you have a Higher Education Loan Program (HELP), VET Student
Loan (VSL), Financial Supplement (FS), Student Start-up Loan (SSL) or
Trade Support Loan (TSL) debt?"
The options are "Yes" or "No".
However, in MYOB, there are two separate tick boxes: one to tick if the employee has a HECS or HELP debt, and one if the employee has a Financial Supplement debt.
Why is there this discrepancy?
Also, on the TFN form it says that "Your payer will withhold additional amounts to cover any compulsory
repayment that may be raised on your notice of assessment" if the employee ticks the box "Yes" at question 10. Does MYOB automatically calculate this amount? If so, where does it show on the employee's records in MYOB? If not calculated automatically, how does an employer set this up in MYOB?
