Announcements
Looking for information on the JobKeeper extension? Check out our answers to common questions the community has been asking.

ATO Community

Extra PAYG tax withheld to pay towards HELP loan.

Highlighted

Newbie

Views 98

Replies 1

Hi all,

 

I'm wondering if it possible at all to have extra PAYG tax withheld from my pay each week in order to help pay off my HELP loan, as I will be under the repayment threshold but still wish to make repayments.

 

Thankyou

1 ACCEPTED SOLUTION

Accepted Solutions
Highlighted

Most helpful response

Community Support

Replies 0

Good evening @Rknb117,

 

Good to hear you are keen to manage your Higher Education Loan Program (HELP) obligations.

 

You are able to increase the amount of tax withheld from your pay, to do this you would need to contact you employer and ask them to make extra deductions of your choosing from your pay. However, the tax withheld will not be specifically offset to your HELP debt. If by the end of the financial year you do not cross the minimum HELP repayment threshold any extra tax contributed during the year will be refunded to you.

 

If you want to contribute towards your HELP debt you maybe interested in making a voluntary HELP contribution via the ATO online.

In order to navigate to this option you would need to simply:

- Select Tax from the menu bar

- Navigate to Accounts and then select Loan accounts

- From the Loan accounts page select the HELP account

- scroll to the bottom of the screen and select Voluntary repayment

You will then be able to commence the payment process.

 

All the best,

 

JacquelineATO

1 REPLY 1
Highlighted

Most helpful response

Community Support

Replies 0

Good evening @Rknb117,

 

Good to hear you are keen to manage your Higher Education Loan Program (HELP) obligations.

 

You are able to increase the amount of tax withheld from your pay, to do this you would need to contact you employer and ask them to make extra deductions of your choosing from your pay. However, the tax withheld will not be specifically offset to your HELP debt. If by the end of the financial year you do not cross the minimum HELP repayment threshold any extra tax contributed during the year will be refunded to you.

 

If you want to contribute towards your HELP debt you maybe interested in making a voluntary HELP contribution via the ATO online.

In order to navigate to this option you would need to simply:

- Select Tax from the menu bar

- Navigate to Accounts and then select Loan accounts

- From the Loan accounts page select the HELP account

- scroll to the bottom of the screen and select Voluntary repayment

You will then be able to commence the payment process.

 

All the best,

 

JacquelineATO