Government Increases Stance on Recovering HECS/HELP Debts from Aussie Expats

Government Increases Stance on Recovering HECS/HELP Debts from Aussie Expats
Expat HECS HELP Debt

 

05/05/2015 – As part of the upcoming Federal Budget it has been announced by the Education Minister Christopher Pyne that from 2017 Aussie expats will be legally obligated to repay their HECS and HELP debts.

As part of the new legislation the Australian government will target those Australians living overseas for longer than six months and who have earned more than $53,000 a year. In announcing the changes the Minister said that the change will make the system fairer and that the government expected to raise over $140 million in a 10 year period.

Under the current system overseas debtors are able to make voluntary HECS repayments to the ATO but are not under any legal obligation to do so. The details on how they expect to enforce this new legislation will be out on budget night and we will provide further commentary once it has been released.

Brett Evans is the Managing Director and a Financial Planner with Atlas Wealth Management which is the first financial services firm in Australia to specialise in providing financial advice to Australian expatriates. With over 20 years of experience in the finance and investments industry, Brett has worked for blue chip companies which include the Australian Stock Exchange (ASX), HSBC, Suncorp and Citi Smith Barney.

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