ATO - Aston Accountants

HELP and TSL Debts and Overseas Travel

Do you have a HELP or TSL Debt? Plan to travel to or reside in another country?

The ATO has introduced changes relating to Higher Education Loan Program (HELP) and Trade Support Loan (TSL) obligations which commenced 1 July 2017.

If you are living or travelling overseas for more than 183 days in a 12 month period, you will be required to make repayments towards your HELP and TSL debts. Repayments will be based on your worldwide income for the 2017 financial year. You will be required to submit an overseas travel notification if you meet certain criteria as well.

In the past your debt repayments were based on your Australian income. However now if you live and work overseas and earn worldwide income that exceeds the minimum HELP and TSL repayment thresholds, you will be required to make repayments against your loan.

These changes apply to all new and existing HELP and TSL debts.

The ATO are looking into those individuals with debts that have been overseas for more than 183 days in a 12 month period and issuing Overseas Travel Notification Letters.

More information can be found on the ATO website at HELP and TSL Overseas Obligations

What you need to do:

If you have a debt and spend 6 months or more overseas then you are required to lodge an Overseas Travel Notification or a non lodgement advice with the ATO.

You can lodge the form yourself through your My Gov account before 31 October following the end of a financial year. Alternatively you can give us a call to help you lodge this form. As a registered tax agent we will also receive a lodgement extension to help you avoid those late lodgement penalties from the ATO.

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$20,000 Instant Asset Write Off Extension

Just a reminder…

The small business asset write off threshold of $20,000 will continue until the 30th of June 2018. This applies to small businesses with a turnover threshold of less than $10 million in the 2017 financial year.

To refresh your memory, the small business instant asset write off applies to small businesses that purchase assets costing less than $20,000.

Under this concession, business owners can deduct 100% of the asset in the financial year they are purchased, rather than having to depreciate the asset over its useful life which could be 10 years for example. .

Eligibility

The asset is to ready to use in the financial year you make your claim. This means the asset needs to be fully installed.

You must be a small business with a turnover under $10 million

Things will change 1 July 2018…..

On the 1st of July 2018 the ATO will be reducing the threshold from $20,000 to $1,000, so now is the time to consider whether you can take advantage of this opportunity.

If you are considering purchasing business assets, give us a call first. We can help make sure you are getting the best deductions for your business.

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in News / Running A Business / Starting a New Business / Tax Advice and Planning by Melissa de Largie

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