Hey community - I have got 5k left on my HECS debt and looking at options to get rid of it. Is it possible for the ATO to pay out whatever is accumulated towards that debt and I can pay of the remainder? Or do I have to wait until the next compulsory repayment to happen? No idea when that will be and would like to get rid of it sooner than later..
There are two ways of repaying a HELP debt. A compulsory repayment amount, which is raised after lodging your next tax return, or a voluntary repayment.
Voluntary repayments | Australian Taxation Office
Amounts withheld by your employer (and sent to the ATO) through the year in anticipation of a compulsory repayment amount at tax time are simply that. They can't be used to pay down your HELP debt until you have lodged your next tax return.
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