Removal of the 5% voluntary HELP repayment bonus

How does the 5% HELP voluntary repayment bonus work?

You can make a voluntary repayment of your HELP debt to the ATO at any time and for any amount. Voluntary repayments are in addition to the compulsory repayments made through your tax return. If you make a voluntary repayment of $500 or more, you will receive a bonus of 5%. The voluntary repayment bonus works by crediting your account with an additional 5% of the value of your repayment. Note: The bonus is 5% of the repayment amount, not 5% of your total debt.

From 1 January 2017, the bonus will be removed. Until that date, current arrangements still apply for voluntary repayments made and processed by 31 December 2016.

For more information on how you can make a payment prior to the 1 January 2017, visit the Study Assist website or the ATO website.

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