Aussies in HK-HECS debt
Guest
Posts: n/a
Aussies in HK-HECS debt
What happens to your HECS debt when you move to HK? I have heard rumours that the ATO cancels it after a certain number of years living overseas. Is that true?? Or too good to be true?
I had a quick look on the ATO website but did not find much specific-it only talked about being overseas for 6 months.
Thanks
EO
I had a quick look on the ATO website but did not find much specific-it only talked about being overseas for 6 months.
Thanks
EO
Join Date: Oct 2006
Location: Hong Kong
Posts: 651
Likes: 0
Received 0 Likes
on
0 Posts
My understanding was that it continues to accrue at CPI.
If you cease to put in any tax returns in Australia and it is obvious you will never return I am sure at some point they will write off the debt. If you have any 'taxable australian asset' producing income (ie a rental property) then once that income exceeds the HECS repayment threshold you will repay debt, resident or not.
So don't worry, the HECS debt will be waiting for your return...but at least it only goes up at CPI.
But don't quote me;-)
If you cease to put in any tax returns in Australia and it is obvious you will never return I am sure at some point they will write off the debt. If you have any 'taxable australian asset' producing income (ie a rental property) then once that income exceeds the HECS repayment threshold you will repay debt, resident or not.
So don't worry, the HECS debt will be waiting for your return...but at least it only goes up at CPI.
But don't quote me;-)
