Late Tax Returns and FEE-HELP

partymix on 10/08/2015 - 15:07

I'm just wondering if anyone out there has any knowledge regarding this as my tax agent doesn't seem to know.

I accrued a FEE-HELP debt of $12,000 in FY15, and I'm lodging 3 late tax returns from FY12, FY13, FY14. For some reason, the ATO are calculating the FEE-HELP debt owing over those years, even though I accrued it AFTER.

Is that how it works? I've tried to search but can't seem to find any information. I called the ATO and they're not very helpful either.

Just wondering if anyone else there knows how it works?

Hopefully this all makes sense as I am completely panicking from the notice of assessments I've received showing how much I'm meant to be paying the ATO back…

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Comments

  • fillit on 10/08/2015 - 15:29

    Speak with a proper accountant, however I'm reasonably sure you can put it on a payment plan for however much you need to repay once all the tax has been consolidated. You should have done your taxes on time, you didn't therefore now you may need to cough up additional fee repayments, atleast it saves you from accumulating interest.

  • jaypee06 on 10/08/2015 - 16:07

    You need to apply to have the repayments deferred. Your accountant is correct in adding the current HELP debt balance to your tax return as you need to include the current balance, not the balance as at 30 June 20xx.

    https://www.ato.gov.au/Forms/Deferring-HELP,-HECS,-Financial…

    "Other special reasons

    These cover any unusual or exceptional circumstances that do not qualify as serious hardship. For example, natural disasters affecting you, death or serious illness in the family that requires you to travel, or if you had not commenced study in the year that a compulsory repayment was raised on your notice of assessment.

    If you consider that there are other special reasons why you should not have to make your compulsory repayment, you should clearly explain the grounds and reasons for your claim."

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