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HOW TO REPAY YOUR HELP OR TSL LOAN FROM OVERSEAS

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24
May

Do you know how to repay your Higher Education Loan Programme (HELP) or Trade Support Loan (TSL) if you already live or intend to move overseas for a total of more than six months in any 12-month period?

Previously expatriates were not liable for the payment while living outside of Australia. But from January 2016, the repayment obligations are same for those who live in Australia and those who live outside Australia having HELP or TSL debt.

You will be obligated to update your information through MyGov account within seven days of leaving Australia. At the end of the 2016-2017 financial years you’ll then have to submit a summary of your income through the ATO’s MyGov site.

You must notify the ATO within 01 July 2017 if you’re already living overseas with a HELP and TSL debt. You’ll be then required to submit the information of your worldwide income for the 2016-2017 tax years to the ATO via MyGov.

You should be also concerned about the penalties that will be applied to you if you continue to avoid the “overseas help debt” recovery program. Upon re-entering Australia, you could also face a fine of up to $3,600 if you have not provided your income information to the ATO.


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