Are You Eligible For The HECS-HELP Benefit?

Are you a recent graduate with a HELP debt?

At a glance: The Australian Taxation Office has provided details in relation to the proposed HECS-HELP benefit for eligible graduates and education teachers.

You should consider whether you are eligible for the HECS-HELP benefit or contact us if you require any clarification or advice.

 The proposed HECS-HELP benefit is available to eligible maths or science graduates or early childhood education teachers who have a debt under the Higher Education Loan Programme (HELP).

The HECS-HELP benefit aims to reduce the eligible taxpayer's:

 a. Compulsory HELP repayment included on their notice of assessment; or b. Accumulated HELP debt if they are an early childhood education teacher who does not have to make a compulsory HELP repayment.

To be eligible, taxpayers must meet the eligibility requirements relating to their:

 a. Course of study; b. Occupation; c. Work location (for early childhood education teachers only), and d. HELP debt status.

The maximum annual benefit has been set at $1,500 for maths and science graduates and $1,600 for early childhood education teachers. The benefit amount, which will be indexed annually, also depends on the number of weeks you were employed in an eligible occupation and location.

For more information on the requirements, click here and visit the ATO website at http://www.ato.gov.au.