After 25 years I have finally payed off my HECS debt!
How do I go about stopping the $360 P/FN from coming out of my wages?
Do I contact the ATO or is it perhaps a payroll query at my work?
Thanks.
How to Stop Paying HECS Loan
arthurbach88 on 05/08/2023 - 14:23
Comments
It doesnt quite work that way exactly.
Just like you cant just ask them to stop deducting tax.
You need to complete the appropriate form (Withholding declataion) supplied by the ATO and provide it to your employer.When to use this form: advise your payer of your Higher Education Loan Program (HELP), VET Student Loan (VSL), Financial Supplement (FS), Student Start-up Loan (SSL) or Trade Support Loan (TSL) repayment obligations, or that you have repaid your loan in full
Almost a day late again with cut and paste advice attached to the top thread. Pleeeeease.
Policeman Muzeeb at it again
Havent you got better things to do than police everyone's posts?????@HeWhoKnows: More like psychologist Muzeeb. I know what you're doing, I'm just trying to understand why.
I have no problem with you generating an executive summary of the thread but paste it as new post, not as a reply to the first post.
@Muzeeb: mate..pls dont waste my time with this nonsense
its totally unrelated to the post
And pls stop being a psychologist as well.
You are suppose to address the main post, not analyse everyones answers
Id love to name and shame the negative voters that want to dispute the cold hard facts.
Muzeeb is one of them. Shame away.
@Muzeeb: Thanks for owning up. best thing you've done all year.
Now pls go and occupy yourself with something else.
Surely you have work to do or kids to look after or a wife to serve????
Maybe go and ignore (down vote) the speed limit sign thats a cold hard fact or the traffic lights.
Or get productive and downvote (complain about) all the price increases.
My loan is paid off. How do I stop my employer taking contributions?
https://community.ato.gov.au/s/article/a079s0000009GnGAAU/pa…Once you’ve paid off your loan in full, you’ll need to complete a new
withholding declaration https://www.ato.gov.au/Forms/Withholding-declaration/
to advise your employer that you no longer have a loan.That's awesome. Thanks.
He's better off opening a savings account and putting the extra $360 per fortnight in it so it at least accrues interest.
Letting HECS being withheld when you don't have a HECS debt is actually just setting you back because of the time value of money. It's not forced saving, lol - it's actually forced losing!
It depends how disciplined you are.
Set it up as a salary sacrifice into super and you don't have to do anything. Won't miss it as you're not used to having it, get the tax benefits and the long term benefit.
You can set up your pay to be deposited into multiple bank accounts. If you create an account with a higher interest bank and let it all go there, then just don’t activate the card, you really don’t have to do anything.
but then you'll be tempted to buy some ticket item from the lump sum return…..
they really need to teach people how to google in school huh
Arts Student. Dead giveaway
Capitalising "student" and lack of punctuation, you could be a modern day Arts student.
Or just a dude typing on his iPhone…
false bruh, arts students are professionals at google, we essay write
Makes you wonder how some people have survived for the last 25 years, right?
Under a rock, sorry mountain of hecs debt.
After a hard day at work trying to figure out who to call about my HECS I watch Gogglebox as this sounds like google and it's on TV…..zzzzzz….
At least we know your degree has nothing to do with research.
Contact the UNI you went to and ask them after 25 years away how do you stop the federal government that pays for the uni taking money out of your wages that they should not be doing.
I think it is a test.
If you can't work out how, you hand back your BA parchment.
I forgot to stop mine for 3 years. Got back $15k
Payroll, then immediately set up an automated direct fortnightly transfer of the same amount into a savings/regular ETF high growth purchase.
You won't miss the $ and in a few decades you'll thank your past self.Don't forget to account for indexation, as it's indexed before the end of year tax assessment when the payments from payg are applied.
$360 * 26 * 25 = $234,000
Is that right?
So you think OP's salary has been linear for 25 years?
Like a broken down linear accelerator?
May have been more may of been less.
you owed $234,000 ?
Did you have a family subscription ?
scotts tots
The percentage you have to pay back per FY varies depending on your income, and the percentage amount/income tier changes each year as well.
So OP may have been paying hugely varied rates throughout the years.
- indexation each year
I think OP has had the debt for 25 years, I doubt they have been making payments all of that time. Uni was pretty cheap 25 years ago.
you tell your payroll in your company, to stop deducting money for hecs