How might recent changes to HELP repayment affect your situation even though you may live overseas? Nitschke Nancarrow explains what you need to know.
Do you have a HELP debt and live or intend to live overseas?
You’ll most likely be affected by some upcoming changes to the HELP repayments.
As of 1 July 2017, you’ll be required to make compulsory repayments towards your HELP debt if you are living overseas and earning more than the minimum repayment threshold.
Keep Your Details Current
You must notify the Australian Tax Office (ATO) about your move before this date of 1 July 2017. In fact, as of 1 January 2016, you must update your details with the ATO within 7 days of leaving.
What if you’ve already made the move?
Don’t worry if you’re already out of town. You still have until 1 July 2017 to notify the ATO of your current situation.
How to Update Your Details
Access your details through your account on the My Gov website. You’re not addressing your information on My Gov. Instead, go straight to the ATO online services section.
The information you’ll need to provide in this section includes:
– Contact details
– International residential address
– International email address
Accessing My Gov From Overseas
So what happens if you need to access your My Gov account from overseas?
Your My Gov security code feature needs to be turned off before your move. This code prohibits the use of international numbers. Remember to do this before you make your move.
And if you’re already overseas and locked out of your account?
It’s fine to create a new one as well as a link to the ATO. When you set it up from overseas, make sure that you skip the part that instructs you to set up the security code feature.
That’s it!
The process is simple, but you may still have questions about the HECS minimum repayment threshold. Contact our Adelaide team by calling on (08) 8379 9950 or by sending me an email to get more information on how these recent changes will affect you.
– Kym Nitschke
