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Not mentioned here is that Australia misses out on these repayments when its graduates go abroad and don't return (as I understand it). Source: a colleague went

by boulos 10y ago

Not mentioned here is that Australia misses out on these repayments when its graduates go abroad and don't return (as I understand it). Source: a colleague went to university in Australia, went to graduate school in England, and now works in the US; he hasn't paid back a dime.

TheSpiceIsLife 10y ago
This is incorrect. As of January 2016, Australians who live in another country for more than six months will have to notify the Australian Tax Office to start paying back their loans.[1] Graduates who fail to notify the Australian Taxation Office face fines of up to A$3,600 upon re-entering Australia. Additionally, the number of graduates working abroad for more than one year early on in their careers is less than 10%, and the new legislation is estimated to save Australian taxpayers around A$150 million over the next decade. Additionally, the linked article from nytimes.com states repayments start at AU$40,000 of income, this is also incorrect. As of tax year 2016-17 the repayment threshold is AU$54,869 as per the Australian Taxation Office website[2]. A far greater concern is non-payment by deceased estates, which is estimated to cost Australian tax payers some half a billion dollars annually. Modelling shows that recovering HELP from deceased estates will more than halve the amount of debt that is not expected to be repaid.[3] 1. http://theconversation.com/australian-graduates-who-move-overseas-will-have-to-pay-back-student-loans-50455 http://theconversation.com/australian-graduates-who-move-ove... 2. https://www.ato.gov.au/Rates/HELP,-TSL-and-SFSS-repayment-thresholds-and-rates/ https://www.ato.gov.au/Rates/HELP,-TSL-and-SFSS-repayment-th... 3. https://theconversation.com/collecting-student-loans-from-overseas-debtors-just-a-start-41157 https://theconversation.com/collecting-student-loans-from-ov...

by boulos 10y ago

TheSpiceIsLife 10y ago

This is incorrect. As of January 2016, Australians who live in another country for more than six months will have to notify the Australian Tax Office to start paying back their loans.[1] Graduates who fail to notify the Australian Taxation Office face fines of up to A$3,600 upon re-entering Australia. Additionally, the number of graduates working abroad for more than one year early on in their careers is less than 10%, and the new legislation is estimated to save Australian taxpayers around A$150 million over the next decade. Additionally, the linked article from nytimes.com states repayments start at AU$40,000 of income, this is also incorrect. As of tax year 2016-17 the repayment threshold is AU$54,869 as per the Australian Taxation Office website[2]. A far greater concern is non-payment by deceased estates, which is estimated to cost Australian tax payers some half a billion dollars annually. Modelling shows that recovering HELP from deceased estates will more than halve the amount of debt that is not expected to be repaid.[3] 1. http://theconversation.com/australian-graduates-who-move-overseas-will-have-to-pay-back-student-loans-50455 http://theconversation.com/australian-graduates-who-move-ove... 2. https://www.ato.gov.au/Rates/HELP,-TSL-and-SFSS-repayment-thresholds-and-rates/ https://www.ato.gov.au/Rates/HELP,-TSL-and-SFSS-repayment-th... 3. https://theconversation.com/collecting-student-loans-from-overseas-debtors-just-a-start-41157 https://theconversation.com/collecting-student-loans-from-ov...