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Media release 2004/84
People thinking of making voluntary repayments on existing Higher Education Contribution Scheme (HECS) debts are encouraged to do so before 31 December 2004.
The Tax Office today reminded people with a HECS debt that to take advantage of the existing 15 per cent bonus on voluntary repayments of $500 or more, they need to make a payment on or before 31 December 2004.
Any voluntary repayment of $500 or more received on or after 1 January 2005 will receive a bonus of 10 per cent.
These changes are a result of the introduction of the Higher Education Loan Programme (HELP) from 1 January 2005.
Any existing debts under HECS will be rolled into HELP from 1 June 2006.
The same rules for compulsory repayments under HECS, will apply for HELP debts.
More information about HELP is available on the Tax Office website at www.ato.gov.au or call 13 28 61.
CANBERRA
29 November 2004
Last Modified: Monday, 29 November 2004