New laws commencing from 1st July 2017, will require those who are living abroad, and who have Higher Education Loan Program (HELP) or Trade Support Loans (TSL) debts to make repayments based on their worldwide income. This is a change from past practice which based repayments solely on Australian sourced income, and often meant that moving overseas could get you out of a study debt.
Under the new rules Australians who plan to relocate overseas for longer than six months will be required to provide the ATO with overseas contact details within seven days of leaving the country, and to keep these details up to date, using their myGov account. Travelers should be wary, however, as although the new rules don’t come in until 1st July
2017, the requirement to notify the ATO of contact details came into effect on 1st January 2016. Those already residing overseas will have until 1st July 2017 to advise the ATO of their contact details.
So, when you’re saying your farewells to family and friends for that secondment trip overseas, don’t forget the taxman.