Who do I contact about my HECS debt?
Contact the ATO on 1300 650 225. You will have to advise the ATO of your tax file number (TFN) before they will disclose any personal information to you; or. View your HELP debt online via the myGov website.
How do I find out my HECS debt Australia?
For a current balance on your HECS-HELP debt you can either:
- Contact the Australian Taxation Office (ATO) on 13 28 61 or;
- view your HELP debt online via the myGov website.
- Commonwealth Supported students commencing in 2020 and students with an existing FEE-HELP loan can view their HELP debt online via myHELPbalance.
Is HECS debt included in tax return?
Compulsory repayments of your study and training support loan are made through the income tax system. You don’t have to provide loan information in your tax return.
Where do I find my HECS debt on myGov?
Your myGov account will show you how much you owe and any repayments you have made. If you don’t have a myGov account, you can set one up following the instructions on the ATO website or you can call the myGov helpdesk on 13 23 07 (select option 1).
How do I dispute my HECS debt?
In most cases, the fastest way to resolve your debt grievance is to go directly to your training provider. All training providers are required to have a formal complaints process. The provider’s complaints handling process must accept your complaint about your VET FEE‑HELP debt or VET Student Loans debt.
What happens if you don’t pay your HECS debt?
If you do earn over the repayment threshold you will have to start paying your HECS-HELP loan in the form of compulsory repayments or an overseas levy. Be aware that if you don’t lodge your tax return or make your compulsory HECS-HELP payments you can face heavy fines up to $3,600.
How much HECS should I be paying?
The compulsory repayment threshold for the 2021-22 income year is $47,014. The compulsory repayment threshold for the 2020-21 income year was $46,620. You can make a voluntary repayment to the Australian Taxation Office (ATO) at any time.
Does HECS debt have interest?
There is no interest charged on HELP debts. However, indexation is added to your debt on 1 June each year. Indexation is applied to your debt to maintain its real value by adjusting it in line with changes in the cost of living. HELP debts are not indexed until they are 11 months old.
Is HECS before or after tax?
It depends on your employer. Most people pay off their Hecs using the same PAYG system they use to pay taxes. This means your employer estimates your final yearly income and takes tax and Hecs payments out of your payslip at that estimated rate. If they take too much, then you get it back through a tax return.
Is it worth paying HECS early?
A car loan, credit card, buy now pay later (BNPL), personal loan, home loan or any other debt usually has higher interest rates and compounds more quickly over time than your student loan. So, if your situation is that you have other debts, you should consider paying these off first.
What does HECS stand for?
Higher Education Contribution Scheme
Since its inception in 1989, the Higher Education Contribution Scheme (HECS) has become an integral part of the Australian higher education system.
Is HECS and help the same?
The Higher Education Contribution Scheme (HECS), as HELP was first known, was introduced in 1989, and the scheme is still commonly referred to as ‘HECS’ and debts as ‘HECS debts’. Additional loan types were added and the program was renamed the Higher Education Loan Program (HELP).
Who is responsible for collecting HECS debts in Australia?
The Australian Taxation Office is responsible for collecting HECS debts. It has a page on tertiary education and HECS which provides access to information about HECS indexation rates and repayment formulas. The Government announced major changes to the higher education funding system in the 2003 04 Budget.
How to calculate your HECS-HELP debt repayments?
To calculate your HECS-HELP debt repayments just tick the appropriate box on our tax calculator. How much will my HECS-HELP repayments be? The amount you repay each year is a percentage of your repayment income. The percentage increases as your income increases, so the more you earn, the higher your repayment will be.
When does HECS HELP have to be repaid?
HECS-HELP debt has to be repaid through the taxation system once your repayment income is above the compulsory repayment threshold, even if you are still studying. The compulsory repayment threshold is adjusted each year.
Where can I find information about HECS in Australia?
The principal Internet sites relating to HECS are those maintained by the Department of Education, Science Training (DEST) and the Australian Taxation Office (ATO). The DEST website for HECS contains:
https://www.youtube.com/user/AusTaxOffice