Income Tax Point-in-Time Service Updates

The Income Tax Point-in-Time Service has been updated to include the Universities Accord (Cutting Student Debt by 20 Per Cent) Act 2025 (Cth) (Act No. 30 of 2025). 

Act 30 of 2025

This Act aims to make the student loan repayment system fairer and deliver significant and immediate cost of living relief to Australians with student debt. The Act amends student loan legislation, including the Taxation Administration Act 1953 (Cth), to:

• provide a one-off 20 per cent reduction to Higher Education Loan Program (HELP) debts under the Higher Education Support Act 2003 (Cth), and other student loans provided that are incurred on or before 1 June 2025; and
• introduce a fairer repayment system for HELP debts and other student loans, by increasing the minimum repayment threshold from $54,435 in 2024-25 to $67,000 in 2025-26 (which will continue to increase each year with the growth in wages), and introducing a marginal repayment system where compulsory student loan repayments are calculated only on income above the new $67,000 threshold rather than having it based on a percentage of the repayment income.

These amendments have been updated in the Point-in-Time Income Tax Service current to 6 August 2025 (NB: subscription required).

If you are not already a subscriber to this or other Point-in-Time Services then please contact us to find out more or to take a free trial.