Author: nita36(Newbie)Newbie 25 Oct 2021Hi there, I have been informed by my accountant that I only had approx $2000 remaining on my HELP debt at the start of this financial year, and have probably paid it off by now. My employer does not itemise HELP repayments separate to tax on payslips, but has provided me with the relevant information from the ATO to calculate how much has been withheld for my HELP debt this year in each pay round. From this, I can see that I have already overpaid as I would have paid over $3000. I have a few questions about this: *Just to confirm - the "date" for my HELP debt in mygov is listed as being in October 2021, but this is actually my debt as at 1 July 2021 start of financial year because I did my tax return in the first week of October? (i.e. it is not the debt at October, this date is just listed because that is when my 2020 tax return was processed?) *My employer said I can fill in a new TFN form declaring that I don't have a HELP debt and the repayments will stop. Given that the repayments are being held by the ATO and won't be applied to the debt until my next tax return, is this OK to do from the ATO perspective (since the debt is not yet paid off, though the money is already being held to pay it off)? *If I do this, does it mean I will have to pay interest when interest is indexed in June on the "debt" even though the debt will actually be 0 as I have already paid it off now? Is there any way to avoid this? I am not really keen to provide a voluntary repayment given that I can see I have already paid it off. Thanks!
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