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hecs repayment update on loans

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Hi, know of someone who has a hecs loan. The employer deducts the payments from the salary. The 2018 tax return was lodged online a couple of weeks ago and ATO have completed the assessment and sent through a refund.

When will the HECS loan be updated with the deductions?

Also, will the total deductions made by the employer be shown as a repayment against the HECS loan?

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ATO Certified Response

Former Community Support

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Hi @Riley,

 

Welcome to our Community!

 

HECS payments made during the financial year are paid to us as part of the Pay as you go (PAYG) withholding system. When your tax return is lodged and we've calculated your taxable income (all income minus allowable deductions) we'll apply all tax credits that have been withheld during the financial year towards your tax liability. If there are any credits remaining, these credits will be applied to your HECS account (as a lump sum) and any further remaining credits will be refunded to you.


They can check their Notice of assessment (NOA) as this will show the amount of tax you owed on your taxable income and any credit they have already paid during the financial year.

 

Check out our guide to Paying my HELP debt for more information. Alternatively, if they'd like an account explanation they can phone us on 13 28 61 between 8am - 6pm, Monday to Friday to speak with an operator.

 

Thanks, JodieH.

1 REPLY 1

Most helpful response

ATO Certified Response

Former Community Support

Replies 0

Hi @Riley,

 

Welcome to our Community!

 

HECS payments made during the financial year are paid to us as part of the Pay as you go (PAYG) withholding system. When your tax return is lodged and we've calculated your taxable income (all income minus allowable deductions) we'll apply all tax credits that have been withheld during the financial year towards your tax liability. If there are any credits remaining, these credits will be applied to your HECS account (as a lump sum) and any further remaining credits will be refunded to you.


They can check their Notice of assessment (NOA) as this will show the amount of tax you owed on your taxable income and any credit they have already paid during the financial year.

 

Check out our guide to Paying my HELP debt for more information. Alternatively, if they'd like an account explanation they can phone us on 13 28 61 between 8am - 6pm, Monday to Friday to speak with an operator.

 

Thanks, JodieH.