ATO Community

Re: Early Pay Out of HECS

Newbie

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Replies 2

Hi ATO Gurus

 

My wife and I are buying a house (YAY!). One of the conditions that the bank has placed on our finance is the repayment of her HECS/HELP debt - we have the funds put aside...what's the correct way to do this?

 

Cheers

DCB

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Accepted Solutions

Most helpful response

ATO Community Support

Replies 1

Hiya @DougBoyd7766,

 

 

That's fantastic news, congratulations! The easiest way to pay it out is through a MyGov account. If your wife logs in, she should see a category named "Loan Accounts" and her debt will be listed. Once she opens that up, at the bottom of the page is there is an option for voluntary repayments. It will let you pay by credit/debit card or BPAY. Just make sure, if she is having extra tax withheld for her debt, she informs per payer with a withholding declaration, so the extra withholding stops. Best of luck with your new home!

 

Voluntary payments.

Withholding declaration forms.

2 REPLIES 2

Most helpful response

ATO Community Support

Replies 1

Hiya @DougBoyd7766,

 

 

That's fantastic news, congratulations! The easiest way to pay it out is through a MyGov account. If your wife logs in, she should see a category named "Loan Accounts" and her debt will be listed. Once she opens that up, at the bottom of the page is there is an option for voluntary repayments. It will let you pay by credit/debit card or BPAY. Just make sure, if she is having extra tax withheld for her debt, she informs per payer with a withholding declaration, so the extra withholding stops. Best of luck with your new home!

 

Voluntary payments.

Withholding declaration forms.

Newbie

Replies 0

Hi Steph

 

Thanks for the congrats and the prompt reply! Great service.

 

Cheers

Doug