HELP/TSL Overseas Repayments

Filed in Articles, In the News, Individuals by on November 20, 2015 2 Comments

plane pexelsFrom 1 January 2016, if you have moved overseas and have a Higher Education Loan Programme (HELP) or Trade Support Loan (TSL) debt, you will have the same repayment obligations as those who live in Australia. This applies if you already live or intend to move overseas for a total of more than six months in any 12-month period.

From 1 January 2016, you will need to update your contact details through the ATO online services within seven days of leaving Australia.

If you are living overseas and earning an income that exceeds the minimum repayment threshold, you will be required to make compulsory repayments towards your debt from 1 July 2017.

Updating your details

You will need to notify the ATO if you move or intend to move overseas by updating your contact details, including international residential and email addresses, using their online services via myGov. You must continue to update your contact details while residing overseas through this online service. If you already reside overseas, you will need to update your details no later than 1 July 2017.

What you need to do

From 1 July 2017, you will need to work out your worldwide income for the 2016-17 financial year and submit the details to the ATO using myGov. Your income details should be submitted to the ATO by 31 October each year.

From 1 July 2017 you will need to:

– Determine your residency status
– Assess your worldwide income
– Submit the details to the ATO using their online services via myGov

Your debt will continue to be indexed each year until it is paid off. You can make additional voluntary repayments at any time to reduce the balance of your debt and these repayments can also be made from overseas.

For more information see: https://www.ato.gov.au/Individuals/Study-and-training-support-loans/Overseas-repayments/

DISCLAIMER: All information provided in this article is of a general nature only and is not personal financial, taxation or investment advice. It does not take into account your particular objectives and circumstances. No person should act on the basis of this information without first obtaining and following the advice of a suitably qualified professional advisor. To the fullest extent permitted by law, no person involved in producing, distributing or providing the information in this article (including Award Accounting for Business Success Pty Ltd, each of its directors and employees) will be liable in any way for any loss or damage suffered by any person through the use of or access to this information.

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  1. Alan Chapman says:

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