Anyone Else Scurrying to Pay off Their HECS Debts by The End of This Month to avoid 7.1% indexation?

Jaspa7 on 15/05/2023 - 14:22

As per title, here is seven more words to post

Poll Options

  • 37
    No, better places to put money (comment on what beats 7.1% in one month)
  • 192
    No, don't have any extra money laying around
  • 19
    Yes, will be paying off < 30%
  • 12
    Yes, will be paying off ~ 60%
  • 196
    Yes, will be paying off all of it!
Financial HECS-HELP

Comments

  • Homr on 29/05/2023 - 22:18
    +1

    I just did bpay 40k to ATO right now, will it be processed in mygov by 31st May?

    • Jaspa7 on 30/05/2023 - 09:34

      Living dangerously.. I'd say maybe JUST

      • Homr on 30/05/2023 - 09:41

        Please pray for me. If it doesn't go through then I cop an extra 2.8k for nothing and I lose my savings

        As mentioned above, i find it so unfair that my employer deducts money from me every week but doesn't apply it to my balance until I lodge my tax return. So I got approx. 9k taken out this year but it doesn't reduce my balance. So now I need to wait till I lodge my tax return to get that 9k back

        • Jaspa7 on 30/05/2023 - 15:06

          I'm sure you could talk to the ATO and sort something out if it doesn't make it in time.. but might require being on hold for 1-2hrs.
          Keep us updated

          • Homr on 30/05/2023 - 15:17

            @Jaspa7: Will call them tomorrow if i dont see my payments reflected in MyGOV

          • Homr on 31/05/2023 - 09:53

            @Jaspa7: Just checked now and still showing my balance, I'm starting to panic now

            • Jaspa7 on 31/05/2023 - 11:49

              @Homr: yeah I'd call them now.. likely many other people in the similar situations so best to get in early

              • Homr on 31/05/2023 - 12:12

                @Jaspa7: I got work meetings till 3pm :(

              • Homr on 31/05/2023 - 17:43

                @Jaspa7: I've lost all hope after reading this

                https://www.reddit.com/r/AusFinance/comments/13vlbhv/hecs_in…

                • Increase1 on 28/05/2024 - 09:18

                  @Homr: Hey mate, I'm in the same boat this year. How did you go in the end?

                  • Homr on 28/05/2024 - 12:44

                    @Increase1: I just made it, it appeared late evening on 31st May

                    • Increase1 on 28/05/2024 - 17:13

                      @Homr: Your turn to pray for me, I've just sent 40K now…

                      Thanks for getting back to me!

                      • Homr on 28/05/2024 - 18:17

                        @Increase1: You'll make it comfortably mate.

                        I made my payment on the 29th and made it, you made your payment on the 28th

                        I'll send you thoughts and prayers anyway 🙌🙏

                        • Increase1 on 29/05/2024 - 21:56

                          @Homr: Cheers mate, just sent another 12k. See how she goes…

                          • Homr on 29/05/2024 - 23:00

                            @Increase1: why didn't you send it all together?

                            • Increase1 on 01/06/2024 - 12:00

                              @Homr: I was being sent the cash from family and they had transfer limits. I can't even check how it all went because my phone broke but hopefully ok 😟

    • snkrfrkr on 01/06/2023 - 22:03
      +1

      I did this last year- the date processed on the ATO account will be the date you initiated the BPAY payment. You should be alright :)

  • dudleyw on 31/05/2023 - 17:59
    +1

    I made my payment on Monday night (I use St George bank) and it wasn't showing up on my ATO account as being paid.

    Called the ATO up today around 2pm and they confirmed they had received it, but might take a few business days to show up on the account if this helps anyone…

    • Homr on 31/05/2023 - 18:59

      did you use Bpay?

  • Homr on 31/05/2023 - 18:55

    OMG MY CAME THROUGH!!!! I was on call for ATO 2.5hrs and they said nothing they can do about it. I hung up depressed and re-checked my balance and it's there.

    The bpay payment came before my creditcard

    I still got $1250 balance left from the gift cards that haven't gone through yet but I'm happy to cop 7.1% from that

  • Homr on 31/05/2023 - 21:03

    my last $1250 came through now. I can't believe I scrapped through! The 26th May deadline is a myth!

  • ScrubCorps on 31/05/2023 - 23:12

    Paid on 29th, just saw it had cleared, hooray :)

  • AndyRates on 01/06/2023 - 18:34

    Anyone had indexation on your hecs applied?

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