ATO Community

Re: Help/HECS debt. When to lodge tax return.

Ask a question

Newbie

Views 152

Replies 1

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?
1 ACCEPTED SOLUTION

Accepted Solutions
Highlighted

Best answer

Taxicorn

Replies 0

The money taken out is not used to immediately repay your debt but held as a credit by the ATO until you lodge your tax return at the end of the financial year.

 

Once your correct taxable income and repayment income is known any credit that is not needed to pay back any additional tax payable or government debts will then be used to repay the debt. Any surplus or shortfall will then be credit/debit to you.



1 REPLY 1
Highlighted

Best answer

Taxicorn

Replies 0

The money taken out is not used to immediately repay your debt but held as a credit by the ATO until you lodge your tax return at the end of the financial year.

 

Once your correct taxable income and repayment income is known any credit that is not needed to pay back any additional tax payable or government debts will then be used to repay the debt. Any surplus or shortfall will then be credit/debit to you.



Top Solution Authors