Can I pay off my HECS / HELP debt sooner?
Yes…..you can make a voluntary repayment to the ATO at any time for any amount.
If you make a voluntary repayment of $500 or more, you will receive a bonus of 5 per cent. This means your account will be credited with an additional 5 per cent of the value of your payment. The bonus is 5 per cent of the payment amount, not 5 per cent of the total debt.
However, it is important to note that the HELP voluntary repayment bonus will be removed from 1 January 2017.
If you want to make a voluntary repayment, you will need your payment reference number (PRN) to do so (your PRN is printed on your Account Information Statement). If you need to confirm your PRN please contact the ATO directly on 13 28 61 or alternatively contact our office on 07 5474 0711 to discuss making voluntary repayments with your accountant.
Noosa Accountants & Financial Advisors Sunshine Coast
Stratogen Accounting consists of a team of expert accountants and highly qualified financial advisors who assist with all aspects wealth creation including self managed super fund (SMSF). Our accounting firm’s head office is located at Noosa on the QLD Sunshine Coast. Our expertise is unparalleled and thus we work with clients living interstate around Australia and internationally.
We offer the full range of services expected of a leading edge accounting firm. Our personal services for individuals include accounting, tax returns, superannuation funds and financial planning, estate planning, insolvency services and asset protection. Our approach to both our clients is practical, open and honest.
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