The Australian Government recently changed the laws regarding the Complusory HECS repayments, which you now need to report your income earnt overseas or worldwide income by either MyGov or through and Australian registered tax agent.
If you plan to live and work overseas and have a HECS, study or training support loan, you are required to:
update your contact details with the ATO and submit an overseas travel notification within seven days of leaving Australia. This is if you have an intention to (or already) reside overseas for 183 days or more in any 12 months
lodge your worldwide income or a non-lodgment advice.
This applies to people with the following types of loans:
Higher Education Loan Program (HELP – formerly known as HECS)
VET Student Loan (VSL)
Trade Support Loan (TSL).
The deadline for you to report your overseas income for the Australian income year (1 July to 30 June) is 31 October. It's important you lodge on time, even if you can't pay straight away, as you'll avoid a late lodgement penalty.
You can use an Australian registered tax agent to lodge on your behalf. They can lodge after the usual 31 October deadline. The due date will depend on your personal circumstance. You should contact your tax agent for advice.
After you have reported your worldwide income, you will receive a notice confirming:
how much you owe or will be refunded
the due date for payment.
Your student or training loan 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. These will not reduce any compulsory repayment or overseas levy obligations you may have.
Please contact us, if you would like us to update your details with the ATO and lodge your annual obligations
Disclaimer
*This information is not to be relied upon without speaking to your tax agent.