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HECS-HELP voluntary repayment and tax return

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Newbie

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Hi all,

 

If i have made a voluntary repayment and is more than the minimum repayment threshold prior to 1st June, would it reflect automatically on my tax return?

 

thanks all

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ATO Certified Response

Community Manager

Replies 1

Hi @moneymaker,

 

Any voluntary repayments on your HELP debt would be reflected on your loan account viewable in myGov but in most cases would not have an effect on your tax return as voluntary repayments are in addition to compulsory repayments . It would only have an effect if you had paid the remaining balance before lodging as any extra money withheld during the year would be returned to you.

 

Hope this helps. Thanks, NateH

 

 

2 REPLIES 2

Most helpful response

ATO Certified Response

Community Manager

Replies 1

Hi @moneymaker,

 

Any voluntary repayments on your HELP debt would be reflected on your loan account viewable in myGov but in most cases would not have an effect on your tax return as voluntary repayments are in addition to compulsory repayments . It would only have an effect if you had paid the remaining balance before lodging as any extra money withheld during the year would be returned to you.

 

Hope this helps. Thanks, NateH

 

 

Newbie

Replies 0

Hi NateH,

 

thanks so much for your reply! it makes sense. thanks alot