JettWorth factors the Medicare levy and HECS / HELP repayments into your tax calculations and projected take-home pay.
Medicare levy
The Medicare levy is a 2% charge on your taxable income that helps fund Australia's public health system. Most taxpayers pay it automatically.
JettWorth applies the Medicare levy on top of your income tax. If your income is below the low-income threshold, the levy is reduced or waived. JettWorth handles this automatically.
Medicare levy surcharge
If you earn above a certain threshold and don't have private hospital cover, you may also pay the Medicare levy surcharge (1% to 1.5%). Set "Has private health cover" in your profile so JettWorth can apply or skip the surcharge correctly.
HECS / HELP debt
HECS-HELP (commonly called HECS) is the loan scheme for Australian university fees. Repayments are made through the tax system based on your income.
How HECS repayments work
You only start repaying HECS once your income exceeds the minimum repayment threshold (currently around $54,435 for FY2025-26). The repayment rate increases with your income:
| Income range | Repayment rate |
|---|---|
| Below threshold | 0% |
| $54,435 – $60,739 | 1% |
| $60,740 – $64,306 | 2% |
| Higher brackets | Up to 10% |
JettWorth calculates your annual HECS repayment based on gross income and deducts it from take-home pay.
How HECS is projected
In projections, JettWorth:
- Applies annual indexation to your HECS balance (based on CPI)
- Calculates your repayment each year based on projected income
- Tracks the remaining balance until it reaches zero
- Shows the debt payoff year as a milestone on your chart if enabled
Entering your HECS debt
Add your HECS balance as a liability (see Adding liabilities). Use the balance shown in myGov under ATO services.
Tip: HECS indexation is applied on 1 June each year. Update your HECS balance in your July snapshot for the most accurate figure.