Hi there. I noticed that my HECS/HELP balance has been $0 since May 2021. When I look at my payslips I can see that there is still a large portion going to HECS/HELP every pay cycle. Is this expected? How can I verify if this is correct or why its still being taken out of my income?
Hi @mefron
You need to notify your employer to stop withholding now that your loan has been paid off.
Log into your ATO online account through myGov and submit a new withholding declaration to advise that you no longer have a loan.
Hi @mefron,
To add to what @Velo said and some general info.
When you start a new job you let your employer know how to tax you by completing a tax file number, (TFN) declaration form. On the form you would have selected you have a HELP, (HECS) debt and they withhold extra tax each pay period to cover your compulsory HELP repayments.
When you pay off the debt you need to let your employer know by completing whats called a withholding declaration. This'll let them know they no longer need to withhold the extra tax, more money is your pocket each pay, YEAH!
Remember any additional tax that's been withheld during the financial year to cover your taxable income will be given back to you as a refund when you lodge your tax return.
Check out the information on our website where it talks about withholding declarations.
Thanks so much for replying! Do you know if the additional tax that's been withheld will automatically be applied to my tax return when I lodge it? Or do I need to fill out a form with the ATO to make this happen?
And also, do you know if that will include the additional tax that was withheld in 2021-2022 financial year?
Hi @mefron,
Any additional amounts withheld will be refunded when you lodge your return. We'll see that extra tax was withheld than what was needed for your yearly obligations and we'll refund the extra amounts. You don't need to fill anything out for this to happen - just lodge your return for the year! Any extra amounts withheld during the 2021-2022 year will have also been refunded in your return for that year.
Hi @mefron
You need to notify your employer to stop withholding now that your loan has been paid off.
Log into your ATO online account through myGov and submit a new withholding declaration to advise that you no longer have a loan.
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