We've been around for a while, for over 45 years in fact, and over that time we've worked with hundreds of businesses like yours all around the south. Whether you are just starting out, wanting to grow or looking to sell or pass your business on to the next generation, we can help.
Student loan borrowers have repayments automatically deducted from their salary and wages.
Borrowers who derive other income of more than $1,500 are required to repay 12 cents for every dollar of other income they earn where their taxable income is greater than $19,760.
Other income includes various types of “income” including; company income where a student loan borrower holds 10% or more of the shares in a company and trust income where the borrower is a settlor.
Other income also includes any payment from a trust where the borrower is not a settlor. Therefore, it is very important, before any payments are made to student loan borrowers, that the student loan repayment rules are considered. Worst case scenario is the borrower will have to repay 12 cents for every dollar they received from the trust. For large distributions this could be quite substantial!