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ATO Community

Re: Notification when loan is paid off

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Newbie

Views 94

Replies 3

Hi all, when a fee help loan is fully paid off via tax witheld, do we get notification of this from the ATO?

Thanks

KJM

1 ACCEPTED SOLUTION

Accepted Solutions
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Best answer

Community Support

Replies 2

Hi @KJM1,

 

Thanks for reaching out.

 

If you would like to keep an eye on the balance of your HELP loan, you can check your HELP account balance online if you have a myGov account that is linked to the ATO. At any time during the year, you can phone us to request a statement. You will not receive a notification when your HELP loan has been paid off.

 

If you have a loan when you lodge your tax return and your repayment income is above the minimum repayment threshold, we will work out your compulsory repayment and include it on your notice of assessment. If you no longer have a HELP debt, this will also be reflected on your notice of assessment.

 

Generally, if you've finished paying off your HECS debt but your employer is still withholding payments, you need to notify them by completing a Withholding declaration.

 

I hope this helps.

3 REPLIES 3
Highlighted

Best answer

Community Support

Replies 2

Hi @KJM1,

 

Thanks for reaching out.

 

If you would like to keep an eye on the balance of your HELP loan, you can check your HELP account balance online if you have a myGov account that is linked to the ATO. At any time during the year, you can phone us to request a statement. You will not receive a notification when your HELP loan has been paid off.

 

If you have a loan when you lodge your tax return and your repayment income is above the minimum repayment threshold, we will work out your compulsory repayment and include it on your notice of assessment. If you no longer have a HELP debt, this will also be reflected on your notice of assessment.

 

Generally, if you've finished paying off your HECS debt but your employer is still withholding payments, you need to notify them by completing a Withholding declaration.

 

I hope this helps.

Highlighted

Newbie

Replies 1

Great, thanks Alyce.

So everything I need to know will be on my statement and if my employer keep withholding I need to fill out a new withholding form so thet can adjust?

KJM1

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Devotee

Replies 0

You need to get your employer to adjust the tax they withhold. A TFN declaration form would probably be your best bet, but realistically an email might do the trick