The HECS-HELP benefit for early childhood teachers aims to encourage early childhood education teachers to take up employment in rural and regional areas, Indigenous Australian communities and areas of high socio-economic disadvantage. The Tax Office have produced a list of eligible work location postcodes. The benefit is one of a number of initiatives the Australian Government announced in the 2008 Budget to implement its ‘education revolution’ policy.
You need to lodge an application for each income year you apply, and if you are successful, you could receive up to a maximum of $1,600 for the 2008–09 income year either as a:
- reduction in the amount of your compulsory HELP repayment shown on your income tax notice of assessment, resulting in a reduction to your accumulated HELP debt, or
- reduction in your accumulated HELP debt where:
- you do not have to make a compulsory HELP repayment because your repayment income is below the minimum repayment threshold
- a compulsory HELP repayment is not required because, due to low family income, you are entitled to a reduction of the Medicare levy or do not have to pay the levy, or
- you successfully applied to defer your compulsory HELP repayment for the year.
To find out if you might be eligible for this benefit, speak with your tax agent or see the Tax Office website.
You can apply for the HECS-HELP benefit from 1 July 2009 for the 2008–09 income year.
Article by Christie Lewis
Christie is Practice Manager at Alan Lewis Accountants . Besides accounting, her passion is for all things small business (and blogging, of course). You can contact Christie directly at christie@lewistaxation.com.au.
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