It was announced on 10 May, anyone with Higher Education Loan Programme (HELP) and Trade Support Loan (TSL) debt living overseas, now have the same repayment obligations as those who live in Australia.
If you have a debt and plan to move overseas for 183 days or longer in any 12 month period, you need to notify the Australian Taxation Office within seven days of leaving Australia with the following details:
This can be done via your Tax Agent.
If living overseas at 1 January 2016, you have until 1 July 2017 to update your details.
Individuals who fall into this category will have to lodge a 2017 tax return declaring their worldwide income. If they earn income above the repayment threshold they will need to make compulsory loan repayments.
If you would like more information about how these changes might impact you, visit the StudyAssist website or please contact us at HQB Chartered Accountants on 02 6652 2333.
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