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Changes to upfront HECS-HELP payment discounts from January 1st 2017

by Alex in Uncategorized

First of all, Alex and Hannah at Entire Accounting and Tax wish you all a Merry Christmas and a wonderful entry into the new year. We hope you all enjoy your break (however short that may be) and come back refreshed and ready for 2017.

On the business side of things, the ATO has recently announced changes to HECS-HELP payments. From 1 January 2017, the Australian Government will remove the upfront HECS-HELP discount of 10 per cent for eligible students that pay their student contributions upfront. This will also affect the voluntary HELP repayment bonus, removing the upfront discount of five per cent.

The removal of the upfront discount will affect students who can afford to pay upfront and choose to do so. It will not affect students who fund their university studies through a HECS-HELP deferred loan.

For those of you wanting to take advantage of the additional discount while they can, we advise making your upfront payment before the end of December.

Finally, Entire Accounting and Tax will be closed from 5pm Friday, December 23, reopening 9am Wednesday, January 11 2017. We look forward to working with you in the new year!

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