ATO releases list of 100 largest HELP debts

Policy change to lower indexation rate

The Australian Tax Office (ATO) has released the country's 100 largest HELP/HECS debts through a Freedom of Information request. The list reveals that the largest HELP debt is over $1 million, with the top 10 debts totalling over $5 million.

WEB myHELPbalance allows you to check your HELP debt

WEB myHELPbalance is a website that allows you to check your HELP debt and repayment information online. You can also update your personal details, view your repayment history, and estimate your future repayments. To use WEB myHELPbalance, you will need your Tax File Number (TFN) and your date of birth.

The ATO will be backdating the policy change to June 1, 2023, which means last year's 71 per cent indexation will be lowered to the WPI of 32 per cent.

This change will affect all HELP debts, including those that are currently in repayment and those that have not yet been repaid. If you have a HELP debt, you should contact your provider to find out how the change will affect you.

Conclusion

The ATO's release of the list of 100 largest HELP debts is a reminder that HELP debts are a significant financial burden for many Australians. The policy change to lower the indexation rate will provide some relief to HELP debtors, but it is important to remember that HELP debts are still a long-term financial commitment. If you have a HELP debt, it is important to make sure that you are making regular repayments and that you are aware of the repayment options available to you.