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Repayment of Financial Supplement loan (FSL) prior to transfer to the Australian Taxation Office (ATO) 102-15010010

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The Student Financial Supplement Scheme (SFSS) closed from 1 January 2004. Since December 2005 all outstanding Financial Supplement Loans (FSL) have been transferred to the Australian Taxation Office (ATO) for recovery.

This document outlines information for customers who made voluntary FSL repayments before transferring the outstanding FSL balance to the ATO.

FSL transactions prior to transfer to the ATO

Expand table

Step

Action

1

Customer enquiries about FSL repayments and incorrect loan balance

Customer contacts for details of their Financial Supplement Loan (FSL) loan repayments.

If the customer feels that their loan balance is incorrect, see Dealing with disputed FSL repayments. Record details of advice given on a DOC.

2

Check the Supplement Loan Summary (SLS) screen

All loans that have been transferred to the ATO, will be marked as 'CLS-ATO' (closed). Note: the final balance on all loans will show as zero. This does not mean that the loan has been zeroed off, just that the balance has now been transferred to the ATO for recovery through the taxation system. For information about payments to the ATO see Repayment of FSL after transfer to the ATO. Advise the customer that any repayments must now be made to the ATO.

For Loan repayment details, go to Step 3.

3

Loan repayments and details that can be provided to customers

Access the Supplement Loan Summary (SLS) screen:

  • 'S'elect the relevant loan
  • go to Next: field and code 'SLT' then press enter to access the Supplement Loan Transaction (SLT) screen

Provide the customer with the following information from the SLT screen. Note: do not provide any information from the NSS Financial Supplement Summary (NFSS) or NSS Financial Supplement Details (NFSD) screens)

  • The year the loan was accepted
  • The qualifying payment entitlement to receive the loan:
    • 'EPF' for Department of Education, PES
    • 'EPA' for ABSTUDY PES
    • 'ABY' for ABSTUDY
    • 'AUS' for Austudy
    • 'YAL' for Youth Allowance
  • The outstanding amount bought back by the ATO
  • This is the amount to be repaid via the ATO. The final amount currently owing will vary from this amount as Consumer Price Index (CPI) adjustments continue to apply every year that the loan remains outstanding. CPI adjustments made after the loan has been transferred to the ATO will not show on the Services Australia record

4

Loan repayments, bonus and CPI adjustments

Extra information that is available on the Supplement Loan Details (SLD) screen includes the current totals of:

  • Repayments
  • Bonus
  • Consumer Price Index (CPI) adjustments

5

Compulsory loan repayments

Advise the customer that they will only be required to make a compulsory repayment when their taxable income reaches the minimum threshold.