The Australian Government has introduced changes relating to Higher Education Loan Program (HELP) and Trade Support Loan (TSL) repayment obligations. Under these changes, one’s first repayment against their HELP and TSL loan will commence from 1 July 2017 based on their worldwide income for the 2016–17 income year. Similarly, if one was living and working in Australia, if one lives and works overseas and earns worldwide income that exceeds the minimum HELP and TSL repayment thresholds, they will be required to make repayments against their loan.
The two main changes the Government introduced involve:
Updating contact details if one has an intention to, or already reside overseas for 183 days or more in any 12 months.
Lodgment of one’s worldwide income or a non-lodgment advice.
This debt will continue to be indexed each year until it is paid. Additional voluntary repayments can be made from overseas at any time to reduce the balance of debt. These repayments will not reduce any compulsory repayment obligations one may have.