The ATO

When your repayment income is above the minimum repayment threshold which is $47 196 in 2011-12 income year, the ATO will calculate your compulsory repayment for and include it on your income tax notice of assessment.

You must start repaying your debt when your repayment income is above the minimum repayment even if you are still studying.

Indexation is applied by the ATO each year to the part of your debt that has remained unpaid for more than 11 months.

PAYG withholding system

If amounts are withheld from your payments under the PAYG withholding system then you must advise your payer if you have an accumulated HELP debt on a Tax File Number (TFN) declaration or Withholding declaration. If you have a holiday or temporary job and you earn over the weekly minimum repayment threshold but your repayment income for the whole income year is not above the annual minimum repayment threshold, you can apply to the ATO to get your payer to stop withholding additional amounts for your HELP debt. You will need to submit a PAYG withholding variation application form (available from the ATO).

Bonus for voluntary repayment

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 your payment.

Contacts

• Visit the ATO website
• Read the booklet, Repaying your HELP debt, available from the ATO website under ‘Booklets and Publications’
  Or
  Request a copy by calling 1300 720 092
• Call the Personal Tax Infoline for general tax information on 13 28 61. Have your tax file number handy
• For international callers - phone: +61 2 6216 1111 and ask for the Higher Education Loan Accounts (HELA) Unit or fax: +61 2 6216 2836, or
• Write to the ATO
• Australian Taxation Office
  PO Box 1032
  ALBURY NSW 2640.