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HELP loan - compulsory amount credited, then debited?

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Hi there

I recently lodged my tax return and was informed by my accountant I had $3838 remaining in HELP. I elected to pay a one off payment of $3838 once it had been lodged and notified my employer of the change (this occurred on the same day via completing TFN change). My MyGov account had credited an amount to my HELP loan, and then it debited the same amount saying cancellation of compulsory payment.

My voluntary repayment is yet to go through on my myGov and now it is reflecting the previous financial years amount ($12,444 owing). I’m confused - does this mean it has been debited to my employer or yet to be processed to reflect the right amount ?

Thanks for the help!
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Community Manager

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Hi @TStewart1991 

 

It’s hard to say exactly what has happened without looking at your account. It sounds as though you have a compulsory HELP repayment that have been paid when you lodged your tax return, however it seems as though this amount has not been credited to your account. 

 

To figure this out we would need to consider: 

  • has your tax return finished processing and you have received your notice assessment? If not wait until it is finalised. 
  • if your return has finalised, check your notice of assessment. It will confirm if your income was above the minimum repayment threshold and  let you know how much the compulsory repayment amount was.
  • after your return has finished processing, you should see the compolsury repayment amount applied to your account. 

You have mentioned you used a tax agent, so they can also help you with an account explanation if it differs from their initial estimate. 

 

Please reach out if you have any more questions on your account once it has finished processing. 

1 REPLY 1
Highlighted

Best answer

Community Manager

Replies 0

Hi @TStewart1991 

 

It’s hard to say exactly what has happened without looking at your account. It sounds as though you have a compulsory HELP repayment that have been paid when you lodged your tax return, however it seems as though this amount has not been credited to your account. 

 

To figure this out we would need to consider: 

  • has your tax return finished processing and you have received your notice assessment? If not wait until it is finalised. 
  • if your return has finalised, check your notice of assessment. It will confirm if your income was above the minimum repayment threshold and  let you know how much the compulsory repayment amount was.
  • after your return has finished processing, you should see the compolsury repayment amount applied to your account. 

You have mentioned you used a tax agent, so they can also help you with an account explanation if it differs from their initial estimate. 

 

Please reach out if you have any more questions on your account once it has finished processing.