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It’s almost an Australian rite of passage – finish your degree and head overseas for some travel and/or to kick-start your career.  Many Australians even decide to live abroad indefinitely. But what happens to your HELP or TSL debt while you are living overseas? Think that because you aren't earning income in Australia that you don't need to start making repayments? Well, the legislation has just changed....

From 1 January 2016, people residing overseas will have the same payment obligations as those who live in Australia. So once you earn an income that exceeds the minimum payment threshold you will be required to start repaying these debts. From 1 January 2016, you are also required to register for a myGov account and update your details within 7 days of leaving Australia – or for those already living overseas you will need to register and update your details by 1 July 2017.

Click here for further information.

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The information provided by Bentleys (Sunshine Coast) Pty Ltd does not constitute financial product advice and is for general information only. It is written without taking into account any individuals personal objectives, situation or needs, and is not intended as professional advice. Any person acting upon such information without receiving specific advice, does so entirely at their own risk. Please contact your Accountant to discuss your personal situation before relying on this information.