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Tax return with small amount of HECs left

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Newbie

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Replies 2

Hi guys,
I have $5k of HECs left, and my work currently withholds 9.5% of my salary to pay for it which will finish up about double what I owe by the end of the FY. Do I get that money back in the tax return in a few weeks? Or is that calculated after the fact and I dont get it back til the following FY’s TR?
If I do get it back, where would you specify on the ATO online tax return form that you dont have to pay a certain amount?

Jon
1 ACCEPTED SOLUTION

Accepted Solutions
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Best answer

Taxicorn

Replies 1

The money you pay is held as credit by the ATO until you lodge your 2019 Tax Return.

When you lodge your Tax return you will see exactly what you need to pay off your HECs debt and it will then pay it off.

Any surplus that is not needed for outstanding Tax Debts and/or outstanding Centrelink Debts will be returned to you as part of your refund.

 

2 REPLIES 2
Highlighted

Best answer

Taxicorn

Replies 1

The money you pay is held as credit by the ATO until you lodge your 2019 Tax Return.

When you lodge your Tax return you will see exactly what you need to pay off your HECs debt and it will then pay it off.

Any surplus that is not needed for outstanding Tax Debts and/or outstanding Centrelink Debts will be returned to you as part of your refund.

 

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Newbie

Replies 0

Thanks Smiley Happy