If you had a HECs debt that was indexed in the 2023 year or 2024 year you should receive either a credit against your HECs debt (if you still have one) or a refund.
The refunds are due to a reduction in the indexing rates used as follows:
| Financial year | Old rate | New rate | Difference |
|---|---|---|---|
| 2023-24 | 4.7 per cent | 4.0 per cent | 0.7 per cent less |
| 2022-23 | 7.1 per cent | 3.2 per cent | 3.9 per cent less |
Hence your credit from 2023 is likely to be larger than your 2024 credit. To check whether your credit or refund has been processed please check your mygov account under services, ATO, loan accounts. There is also a calculator available here.
https://www.ato.gov.au/single-page-applications/calculatorsandtools#STLoanRepay/questions
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