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Hecs repayments

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Newbie

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Hello
I got my tax done last week and was told that my employer hadn’t been contributing to my hecs debt. It doesn’t appear on my payslips & I only started this job in March. I knew I had elected to pay out of my fortnightly pay but thought they may not have set it up. Anyway, I had to pay about 3k from my tax return to cover the hecs repayment and then followed up with my employer to get this fixed up for next financial year
Turns out I actually have been getting money out aside from my pay and I’ve now paid way more than I needed to. Is there any way to get this money paid out to me instead of it going towards the debt?
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Best answer

Community Support

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The fortnightly deductions you have had withheld from your employer to cover your anticipated HELP debt are not applied to your account until you lodge your income tax return. Basically, whatever amounts that have been set aside to date won't be accessable until you submit your return for the financial year it applies to. If there is more than enough withheld the extra could be refunded to you and if there is not enough withheld, you may receive a bill.  

 

Here is some more information on repaying your HELP debt.

 

Hope this helps

RachR

1 REPLY 1
Highlighted

Best answer

Community Support

Replies 0

The fortnightly deductions you have had withheld from your employer to cover your anticipated HELP debt are not applied to your account until you lodge your income tax return. Basically, whatever amounts that have been set aside to date won't be accessable until you submit your return for the financial year it applies to. If there is more than enough withheld the extra could be refunded to you and if there is not enough withheld, you may receive a bill.  

 

Here is some more information on repaying your HELP debt.

 

Hope this helps

RachR