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Help/HECS debt. When to lodge tax return.

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I had a portion of my HELP/HECS debt to pay last financial year. It was taken directly from my employer via compulsory repayments. I later calculated that I had already paid off my debt prior to the end of the financial year and I cancelled the payments. For me to get the extra amount paid back do I need to wait until the compulsory repayment credit has been processed or should I wait for that first?
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Hi @Markisinaband,

 

Thanks for your question.


If you've had HELP repayments deducted from your pay during the financial year, these amounts are treated as credits until you lodge your income tax return.


Once you lodge your tax return, we'll calculate your repayment income and your tax payable. If you've paid above the compulsory repayment amount any HELP credits that were withheld during the financial year will be used to pay any shortfall in your income tax or refunded to you.


Check out Paying my HELP debt on our Community for more information.

 

Hope this helps.


KylieS

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Best answer

Community Support

Replies 0


Hi @Markisinaband,

 

Thanks for your question.


If you've had HELP repayments deducted from your pay during the financial year, these amounts are treated as credits until you lodge your income tax return.


Once you lodge your tax return, we'll calculate your repayment income and your tax payable. If you've paid above the compulsory repayment amount any HELP credits that were withheld during the financial year will be used to pay any shortfall in your income tax or refunded to you.


Check out Paying my HELP debt on our Community for more information.

 

Hope this helps.


KylieS

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