SMSF – ATO finalises its position in relation to event-based reporting
After detailed consultation with the self-managed super fund (SMSF) sector, the ATO announced today that its i
In the 2015–16 Budget, the Government announced that Australians who have a Higher Education Loan Programme (HELP) debt and are residing overseas will be required to make repayments against their debt. Collection and recovery of these repayments will be based on the current regime existing for those living in Australia. That is, an income-contingent based repayment made through the income tax system.
Overseas HELP debtors that are non-residents for taxation purposes will be required to register with the ATO through myGov and then at the end of each financial year, submit a special return declaring all their Australian and foreign-sourced income so as a compulsory repayment can be raised by the ATO and communicated to them through the same medium. Some of the key points to the new measure include: