The HECS-HELP benefit aims to encourage maths and science graduates to take up employment in specified occupations, including teaching of those subjects in primary and secondary schools. 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 $1,500 for the 2008–09 income year. The benefit will reduce your compulsory HELP repayment as shown on your income tax notice of assessment, resulting in a reduction to your accumulated HELP debt.
Naturally, there are several criteria of eligibilty that must be met (you can find out more about this from your tax agent or by visiting 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.
Christie has written 799 awesome articles for us at Alan Lewis Accountants – BLOG
Twitter: @christielewis
{ 1 trackback }