Removal of Voluntary Repayment Bonus

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Removal of Voluntary Repayment Bonus

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Tuesday 1 November 2016

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! From 1 January 2017, the bonus will no longer apply.

 

If you want to make a voluntary repayment ($500 or more) on your HELP debt and receive this bonus, here are the steps:

 

  1. 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!)
  2. Once you have your PRN, you can then make a 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: While it is essential to have your PRN before 23 December, you then have until 31 December 2016 to make sure the repayment reaches the ATO.

 

*Note 2: 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! They 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. due to progressing lags with your bank or financial institution), you will not receive the bonus.

 

For more information, visit Study Assist or the ATO website.

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