From 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/
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