I received a letter today from the Australian Taxation Office in regards to my HELP debt, formerly known as HECS (Higher Education Loan Programme vs Higher Education Contribution Scheme). For the financial year ended, my debt for my undergraduate and master level education has been indexed according to inflation at 3.9%, which has gone up since last financial year ending in 2008 which was 2.8%.
My running tally now stands at $34 969.00
If I was to pay this off in a lump sum, I get a 10% discount, which means I only have to pay of $31 790.00 I currently don't have this much so I'm not going to pay it off. However, if I get a job overseas, I won't have to pay it off either since it is normally deducted via tax, or voluntary payment. If I have the money through other means, I'd probably pay it off so it doesn't keep accumulating.... ~sigh~
My running tally now stands at $34 969.00
If I was to pay this off in a lump sum, I get a 10% discount, which means I only have to pay of $31 790.00 I currently don't have this much so I'm not going to pay it off. However, if I get a job overseas, I won't have to pay it off either since it is normally deducted via tax, or voluntary payment. If I have the money through other means, I'd probably pay it off so it doesn't keep accumulating.... ~sigh~
4 comments:
Um, sorry to bust your bubble, but this is one thing people get in trouble for when they return from overseas... (from what I have read about warnings to people returning back to Australia).
Governments overseas have agreements so unless you are in a country where they don't have information transfer with Australia (US and UK does), then the ATO actually calculates how much HECS/HELP you should actually be paying if you are earning that amount in Australia. When you return, they slog you with that big bill in one hit when you file your first tax return back in Australia. A nice "Welcome home".
Of course, that may have changed in the past 2 years, or if I read it wrong.
~shrug~ then its no different then.
So you've paid yours off completely then?
Yes, because of what I read/found somewhere, didn't want to be slogged with the whole fee when I get back (whenever that is)... if I never come back, thwen I will never have to pay for it.
well, I guess I could pay it off if I need to, scab some money off mum n dad so I still have savings if I head over, or pay it off when I'm over there
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