Proposed Changes to HELP Voluntary Repayment Bonus

The proposed legislation to implement the 2013-14 Budget changes to the HECSHELP program has not been passed by the Senate. As a result, the HECSHELP upfront discount and the HELP voluntary repayment bonus will continue for the time being until further announcement.

Until further notice, if you make a voluntary repayment of $500 or more, the bonus of 5% still remains. This bonus is 5% of the value of the payment made, not 5% of the outstanding debt. This bonus aims to encourage individuals to pay off their HECSHELP debt and receive an incentive for paying upfront and will remain for the time being. According to a recent article, the cost of the university loans scheme has ballooned to more than $30 billion with some students owing over $400,000 for their tuition. These figures demonstrate the need for repaying a HECS debt.

Currently, if your income is less than or equal to the minimum repayment threshold ($51, 308 in 2013-14) no compulsory repayment is raised. However, if your income is above the threshold, a compulsory repayment is included on your notice of assessment; an exception to this is due to low family income.

If you require further information on your HECSHELP debt or would like to make a voluntary contribution and receive the bonus, please feel free to get in touch with the team at Fortis Accounting Partners.  You can reach us on 02 9267 0108, or via info@exemplary-financial.flywheelsites.com.

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Reshika Kumar

Administration Officer

With her kind, caring and approachable nature, Reshika never fails to provide a positive, welcoming experience for our clients, assisting them as they walk in our door or call our office. She understands the power of customer service and is always willing to lend a hand.

With her fun and relaxed personality, Reshika is incredibly creative, especially when it comes to finding solutions for evolving challenges, from financial matters to marketing requirements and beyond. Holding a Masters of Business Administration with a major in Marketing and significant experience in the banking industry, Reshika has a unique combination of skills which makes her a real asset to Fortis.

Reshika is motivated to reach new heights, take risks and develop her career by working alongside Bernadette, our Client Administration Manager, and having the opportunity to learn new things such as new platforms and procedures.

Reshika is passionate about fitness and does not miss an opportunity to take advantage of the gym. Despite Reshika’s relaxed personality it all goes out the door when card or board games are involved!