Changes to Higher Education Loan Program (HELP) and Trade Support Loan (TSL) repayment obligations
- 23 July 2017
The Australian Government has recently introduced changes relating to Higher Education Loan Program (HELP) and Trade Support Loan (TSL) repayment obligations.
If you live and work overseas and earn worldwide income that exceeds the minimum HELP and TSL repayment thresholds, you are required to make repayments against your loan. The two main changes the Australian Government has introduced require you to do the following:
update your contact details and submit an overseas travel notification if you have an intention to reside, or already reside, overseas for 183 days or more in any 12-month period; and
lodge your worldwide income or a non-lodgment advice.
These changes apply to new and existing HELP and TSL debts.
The deadline to report your worldwide income for the 2016–17 Australian income year is 31 October 2017. It is important you lodge on time to avoid a penalty for lodging late, even if you can't pay straight away.
Your HELP and TSL debt will continue to be indexed each year until it is paid. You can make additional voluntary repayments from overseas at any time to reduce the balance of your debt. These repayments will not reduce any compulsory repayment obligations you may have.
For further information around the changes to HELP and TSL please contact your Walker Wayland representative.