5% discount on HELP repayments closes on December 31
Do you want a bonus 5% paid off your HELP debt?
Time is running out for you to make a voluntary repayment on your HELP debt and take advantage of the 5% HELP voluntary repayment bonus!
How does the bonus work? You can make a voluntary repayment of your HELP debt to the ATO at any time and for any amount. Voluntary repayments are in addition to the compulsory repayments made through your tax return. If you make a voluntary repayment of $500 or more, you will receive a bonus of 5%. The voluntary repayment bonus works by crediting your account with an additional 5% of the value of your repayment. The bonus is 5% of the repayment amount, not 5% of your total debt.
From 1 January 2017, the bonus will no longer apply. If you want to make a repayment of $500 or more towards your HELP debt and receive the bonus, here are the steps:
You MUST get a payment reference number (PRN) by 23 December 2016. Your PRN is printed on your Account Information Statement, or you can view it through the voluntary repayment feature within your loan account on the ATO’s Online Services via myGov, or confirm it by calling the ATO on 13 28 61 (before 23 December!)
Once you have your PRN, you can then make the voluntary repayment to the ATO. Payment options include BPAY, credit card, direct credit and other options – check out the ATO’s
‘How to pay’
*Note 1: There are 2 deadlines!
While it is essential to have your PRN before 23 December, you then have until 31 December 2016 to get the payment to the ATO.
*Note 2: Be aware of bank processing times!
Double check any further processing deadlines that your bank or financial institution puts in place to ensure your payment reaches the ATO by 31 December 2016
*Note 3: Voluntary repayments are optional!
Voluntary repayments are in addition to compulsory repayments. Compulsory repayments are made through the income tax system.
If you make a repayment but it does not reach the ATO by 31 December 2016 (e.g. because of slow processing at the bank), you will not receive the bonus.
For more information, visit Study Assist or the ATO website.