Changes to Trade Support Loan repayments
- Published on Wednesday 2 March, 2016
- 1 min. read
From 1 January 2016, new laws apply to Higher Education Loan Programme (HELP) and Trade Support Loan (TSL) debts.
Until now, if you had a HELP or TSL loan and moved overseas, you did not have to repay the debt as long as you remained an offshore resident.
Under the new legislation, you are required to register your details with the Australian Taxation Office (ATO) if you have a TSL/HELP debt and you leave Australia and intend to be overseas for more than six months, or you have already been overseas for six months.
From 1 July 2017, if you are still overseas and have an outstanding TSL/HELP debt, you will be obliged to make compulsory payments towards the loan if you earn above the minimum repayment threshold regardless of where you are living. The threshold is currently $55,874 for the 2017-2018 financial year.
A 20% discount will still be applied to your TSL loan if you complete your qualification.