The Government has made changes to the rules around repayments of HELP debts for those planning to go overseas.
From 1 January 2016 those with HELP debts have been required to update their contact details via myGov.
From 1 July 2017 you will be required to report your ‘worldwide’ income to the ATO. If you are above the repayment thresholds the ATO will send you an assessment detailing the amount of your debt that you need to repay.
For more information please see the following from the ATO:
Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.
We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.