HECS repayments have been taken fortnightly out of my pays, but when I log into the ATO website, they have not been deducted from my total HECS debt.
I just had the Indexation applied to an amount that I've been paying off. Am I missing something?
HECS repayments have been taken fortnightly out of my pays, but when I log into the ATO website, they have not been deducted from my total HECS debt.
I just had the Indexation applied to an amount that I've been paying off. Am I missing something?
Hi @IsaacMartin
Your employer will withhold these amounts and report them to us at the end of the financial year. If you reach the compulsory repayment threshold, we will use the amounts withheld throughout the year to reduce your HECS.
Indexation is calculated on June 1st for any accumulated loan amount that remained unpaid to us for 11 months or more.
Hi @IsaacMartin
Your employer will withhold these amounts and report them to us at the end of the financial year. If you reach the compulsory repayment threshold, we will use the amounts withheld throughout the year to reduce your HECS.
Indexation is calculated on June 1st for any accumulated loan amount that remained unpaid to us for 11 months or more.
Hi, I have been paying compulsory HECS payments through my employer for the last 8 years and I am over the threshold amount however on my HELP statement I cannot see that any payments are ever received?
Hi @brokelizard,
During the financial year your employer sends us your pay as you go withholding and compulsory HELP (HECS) repayments as a bulk payment. It's not until you lodge your tax return that the money is divided and put toward the tax you need to pay on your taxable income and compulsory repayments.
When you look at your HELP statement of account, you'll see when you lodged your return a bulk payment for the financial year rather than payments each pay period.
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