The Australian Taxation Office (ATO) is advising Australians considering making voluntary study and training loan repayments that they should make the payment by 25 May if they want the payment to clear prior to 1 June, when accounts are indexed.
Making payments by 25 May will allow sufficient time for ATO systems to process the repayment via banking systems.
Voluntary payments made after this date may not be processed by ATO systems before 1 June. This means indexation will apply to the pre-voluntary payment balance.
The easiest way to check the balance of your HELP, and other student loan liabilities, is to view your account in ATO Online services, which can be accessed via myGov. This is updated in near real time and shows all loans and credits, such as voluntary repayments or annual compulsory repayments based on income tax returns, as well as annual indexation.
Further information about making voluntary study and training loan repayments is available on the ATO website.
Notes to journalists
A video explaining how study and training loans work is available on the ATO website for use in news bulletins.
The ATO is advising Australians considering making voluntary study and training loan repayments to make the payment by 25 May.