If you went to University, then there is a very good chance that you are one of the many who are now "blessed" with a rather large HELP (higher education loan program) debt.

What you may not have known is that a bonus is available when you make a voluntary repayment to your debt above $500 or more. What you may also not know, is that come 1 Jan 2012, the voluntary repayment bonus will change from 10% to 5%.

So, what's the message? If you are able to and want to take advantage of the existing 10% bonus you will need to make sure the ATO receives your voluntary repayment by 31 December this year.

Keeping in mind that the ATO will be closed from midday 23 December, you may want to put your skates on to take advantage of this increased bonus before it shrinks. 

If you're unsure what steps to take or have any questions about this, call your accountant on 08 8951 0100.