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Higher Education Loan Program (HELP)

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Hi,

My employer has been deducting my salary to pay for my HELP loan since July last year (2019) because my salary is above the threshold ( > $45,881). However, in my online ATO account, I can't seem to see the amount that I've been paying. My loan balance has been staying the same without any updates even though I've been paying every month. Is there an issue with my account? Or Am I only supposed to see the updated balance once a year, which is when I lodge my next tax claim?

 

Thank you

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Taxicorn

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@katiemelk 

 

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.


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Highlighted

Best answer

Taxicorn

Replies 1

@katiemelk 

 

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.


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I'm new

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Thank you for your help Smiley Happy