Taxpayers who have a Higher Education Loan Programme (HELP) or Trade Support Loan (TSL) debt will need to inform the ATO if they plan to travel overseas for 183 days or longer in any 12 month period, as they now have the same repayment obligations as those who live in Australia.
The Taxpayer will need to notify the ATO within seven days of leaving Australia that if they have moved overseas with their updated contact details, including international residential and email addresses. If the taxpayer was already living overseas at 1 January 2016, they have until 1 July 2017 to update their details. Taxpayers affected will need to lodge a 2017 tax return declaring their worldwide income. If the taxpayer earns income above the repayment threshold they will need to make compulsory loan repayments.
The ATO is currently contacting taxpayers who have a Higher Education Loan Programme (HELP) or Trade Support Loan (TSL) debt.
This article appeared in our July 2016 newsletter.
