Education Legislation Amendment (Overseas Debt Recovery) Act 2015 (154 of 2015)

Schedule 1   Repayment of accumulated HELP debts by overseas debtors

Part 1   Amendments

Higher Education Support Act 2003

2   After Subdivision 154-A

Insert:

Subdivision 154-AA - Liability of overseas debtors to repay amounts

154-16 Liability of overseas debtors to repay amounts

If:

(a) a person is a *foreign resident during an *income year; and

(b) the person's *assessed worldwide income for the income year exceeds the *minimum repayment income for the income year; and

(c) on 1 June immediately preceding the making of an assessment in respect of the person's income of that income year, the person had an *accumulated HELP debt;

the person is liable to pay to the Commonwealth, in accordance with this Division, a levy of the amount worked out under section 154-32.

Note: An amount a person is liable to pay under this section is imposed as a levy under the Student Loans (Overseas Debtors Repayment Levy) Act 2015.

154-17 Assessed worldwide income

(1) A person's assessed worldwide income for an *income year is an amount equal to the sum of:

(a) the person's *repayment income for the income year; and

(b) the person's foreign-sourced income for the income year, converted into Australian currency.

(2) The Overseas Debtors Repayment Guidelines may provide for how to work out a person's foreign-sourced income for an *income year, including how to convert it into Australian currency.

(3) Without limiting subsection (2), the Overseas Debtors Repayment Guidelines may provide for a person's foreign-sourced income for an income year to be worked out in relation to a period that does not correspond to that *income year.

154-18 Notices to be given to the Commissioner

Notice relating to leaving Australia

(1) A person who:

(a) has an *accumulated HELP debt or otherwise has a *HELP debt that has not yet been discharged; and

(b) leaves Australia (other than in circumstances specified in the Overseas Debtors Repayment Guidelines) with the intention of remaining outside Australia for at least 183 days;

must, no later than 7 days after leaving Australia, give a notice to the *Commissioner in the *approved form.

Notice relating to absence from Australia

(2) A person who:

(a) has an *accumulated HELP debt or otherwise has a *HELP debt that has not yet been discharged; and

(b) has been outside Australia for at least 183 days (other than in circumstances specified in the Overseas Debtors Repayment Guidelines) in any 12 month period; and

(c) was not required under subsection (1) to give a notice to the *Commissioner in connection with that absence from Australia;

must, no later than 7 days after the end of those 183 days, give a notice to the Commissioner in the *approved form.

Notice relating to income (including foreign-sourced income)

(3) A person who:

(a) is a *foreign resident; and

(b) on 1 June immediately preceding an *income year, had an *accumulated HELP debt;

must (other than in circumstances specified in the Overseas Debtors Repayment Guidelines) give to the *Commissioner, in the *approved form, a notice relating to the person's income (including foreign-sourced income) for the income year. The notice must be given within the period specified in the form.

Note: The Commissioner may defer the time for giving the return: see section 388-55 in Schedule 1 to the Taxation Administration Act 1953.

Content of notices under this section

(4) The Overseas Debtors Repayment Guidelines may provide for the content of notices under this section.