If you have a HELP debt and plan to make a voluntary repayment, you can make repayments to the Tax Office at any time and for any amount. You may receive a bonus of 10% of the payment amount for repayments that:
- are $500 or more, or
- clear your debt.
You may also benefit if you make a voluntary repayment before indexation is applied on 1 June 2008. It is important to allow enough time for the payment to be processed and credited to your account before 1 June. The indexation rate for 2008 is 2.8%
If, after making a voluntary repayment, you still have an accumulated HELP debt and your HELP repayment income is above the minimum repayment threshold, you may still have to make a compulsory repayment.
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