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Aussies please help

 
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Mashimaro



Joined: 31 Jan 2003
Location: location, location

PostPosted: Mon Apr 28, 2003 8:04 pm    Post subject: Aussies please help Reply with quote

My question is about HECS. Anyone know what the deal is with repaying HECS and earning money overseas? (ie teaching english in Korea) any help will be much appreciated.. Cheers
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denz



Joined: 15 Jan 2003
Location: soapland. alternatively - the school of rock!

PostPosted: Mon Apr 28, 2003 8:27 pm    Post subject: yesh well Reply with quote

you actually want to pay back your HECS?

denz
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Mashimaro



Joined: 31 Jan 2003
Location: location, location

PostPosted: Mon Apr 28, 2003 8:31 pm    Post subject: Reply with quote

Unless you know a way around it that doesn't involve never going back Wink
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denz



Joined: 15 Jan 2003
Location: soapland. alternatively - the school of rock!

PostPosted: Mon Apr 28, 2003 8:39 pm    Post subject: yesh well Reply with quote

there used to be this rumour floating around that if were a non-resident (for tax purposes) for over 10 years or more, your tax file number lapsed and all HECS debts disappeared along with it. sounds like fun, but i am pretty sure that this is not the case. at least not until i read it with my own eyes:

mashi, are you planning on going home? here's the tax digs for overseas workers. a good read:

http://www.ato.gov.au/content.asp?doc=/content/Individuals/28908.htm&page=1

i'll see if i can find anything on HECS

denz
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denz



Joined: 15 Jan 2003
Location: soapland. alternatively - the school of rock!

PostPosted: Mon Apr 28, 2003 8:47 pm    Post subject: yesh well Reply with quote

when overseas, but doesn't mention non-resident work:
http://www.ato.gov.au/content.asp?doc=/content/Individuals/23973.htm&page=2#H8

voluntary repayments:
http://www.ato.gov.au/content.asp?doc=/content/Individuals/23973.htm&page=5#P247_28241

still looking

denz
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Mashimaro



Joined: 31 Jan 2003
Location: location, location

PostPosted: Tue Apr 29, 2003 3:05 am    Post subject: Reply with quote

thanks denz, I'll check out those links. I definitely want to go back one day, not sure when though.
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waterbaby



Joined: 01 Feb 2003
Location: Baking Gord a Cheescake pie

PostPosted: Tue Apr 29, 2003 3:25 am    Post subject: Reply with quote

We Aussies have a much sweeter deal than the poor Canadians. I went home last year and did my tax with an accountant. I'd earnt money in Australia (maybe 2 months salary) and some interest. I declared my OS income (most of it!?!) and I wasn't taxed on that... there is a pro-rata tax calculation put onto the money I'd earnt in Oz...this is kind of confusing Confused ... but the short and sweet of it is that they worked out the tax rate on my Australia only income by working out what tax rate I'd have to pay if the money I'd earnt overseas was actually earned in Australia and then a blanket rate of tax was applied to my Aussie income... needless to say it wasn't very much Very Happy and I was well and truly under the HECS income threshold.

So a short answer after my very long waffle is NO, you don't have to pay HECS while earning money OS, as long as you're not earning enough in Australia to put you into the tax bracket where you would normally have to make a HECS repayment.

And DENZ... in the words of Derryn... shame, shame, shame on you! Wink The cost of education in Australia is so low for Aussie citizens and permanent residents... I had no hesitation whatsover paying off a little bit of my HECS debt each month. I mean really, $AUD8,000 (approx) for a Bachelors Degree? (OK... showing my age here... graduated nearly 10 years ago). That's nothing compared to some of the Americans or Canadians I've met here with $tens$ of $thousands$ in debts to pay back. tsk tsk tsk Wink
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Blue Flower



Joined: 23 Feb 2003
Location: The realisation that I only have to endure two more weeks in this filthy, perverted, nasty place!

PostPosted: Wed Apr 30, 2003 6:06 am    Post subject: Reply with quote

Have you seen NZ student loans?? I would be stoked with only having a 8 grand debt. My loan repayment this year is going to be round the $6000 mark. Apparently they make you pay more money while your overseas. You aussies sound like you've got a sweet deal. Though, the more I pay now, the less I pay later.

edited to add: we get to pay 7% interest. Though they did very nicely drop it from 7.5%. We do have a generous and fair education system....


Last edited by Blue Flower on Wed Apr 30, 2003 8:30 am; edited 1 time in total
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denz



Joined: 15 Jan 2003
Location: soapland. alternatively - the school of rock!

PostPosted: Wed Apr 30, 2003 6:43 am    Post subject: yesh well Reply with quote

yesh well, denz owes $25000 (that's twenty five thousand) thanks to the redone HECS system. some crackhead in canberra decided that law students should pay the highest threshold (up with medicine). don't talk to me about going home. that little DEBT doesn't have an interest rate and is, therefore, none of my concern. they can CPI adjust my arse.

it's still a sweet deal, though. advance australia fair!

denz
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crazylemongirl



Joined: 23 Mar 2003
Location: almost there...

PostPosted: Thu May 01, 2003 2:51 am    Post subject: Reply with quote

* loud grinding of teeth*

Grrrr you aussies don't know how good you have it.

my loan (although only $17000 mostly thanks to some drop kick ex boyfriend) is getting charged interest at a higher rate than my parent's mortage. If I was in New Zealand I would pay 10% of my income if I earned over NZ$15000 but now that I'm overseas I have to pay 1/15th of it per annum + interest... and I can only get rid of it if I die or go into bankruptcy. Yet my loan is pretty small in comparison to other kiwis here and we've got it sweet compared to the north americans.

Probably the reasons why kiwis outnumber aussies here 2 to 1.

CLG
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Mashimaro



Joined: 31 Jan 2003
Location: location, location

PostPosted: Thu May 01, 2003 3:07 am    Post subject: Reply with quote

Quote:
Probably the reasons why kiwis outnumber aussies here 2 to 1.

I always wondered why their were so many more kiwis here than aussies.
I just thought it reflected how much people wanted to get out of there...
Sorry I don't mean to be a smart a** but thats the only reason I could think of. Australia is an amazing country, everyone always says that.. it makes me wonder why the hell I left sometimes, but we are truly lucky in so many ways. (and I'm sure NZ is great too, aside from the HECS thing... I'd love to visit one day, it looks very beautiful) .... end of my verbal diarrhoea
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Blue Flower



Joined: 23 Feb 2003
Location: The realisation that I only have to endure two more weeks in this filthy, perverted, nasty place!

PostPosted: Thu May 01, 2003 5:43 am    Post subject: Reply with quote

I think I should become NZs ambassador. There are a few reasons why people come to Korea, but the main ones are student loans. My loan is huge, which is why I'm not doing honours. But I guess not much in life is free, so why should education. Though I would still love to have been born in Ireland, where education is free, that would be fantastic.
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Anda



Joined: 16 Jan 2003
Location: South Korea

PostPosted: Fri May 02, 2003 7:08 am    Post subject: Um Reply with quote

I don't know the current set up but eight years back you could pay back when you liked etc. Their is a small interest rate that naturally builds up if you haven't paid back quickly. I think the first year is interest free if you pay the whole ammount back. The other loophole was that if you got a degree in space science but haven't worked in your degree field then you are don't have to pay your Hecs back. Having said that I paid mine off in six months and haven't worked in my degree field yet.
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Nabi



Joined: 01 Apr 2003
Location: Seoul, Sth. Korea

PostPosted: Sun May 04, 2003 7:32 pm    Post subject: Reply with quote

Don't forget. Any lump sum payments over $500 and you get a 15% discount. eg. Pay $500 and the ATO deducts $575 from your HECS debt.
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