Having one or more kids of your own is a fulfilling milestone. It comes with a lot of fun and memorable moments that can change your life forever. Parents only want the best for their kids in any aspect of their lives. They work hard so they can provide for their families and ensure that they live a comfortable life. One aspect that needs to pay attention to is a child’s education.
HECS-HELP involves providing an incentive to graduates who take up certain courses and pursue work in specified locations.
It is important to build an education saving plan for your kids. With all the expenses, insurance, and other things that you need to consider as your kids are growing up, planning for your child’s education should be done as soon as you can. Eventually, you will realize how beneficial it is to have something to depend on for the education expenses of your kids.
Aside from an education saving plan, there are incentives or assistance available for certain graduates. One of these is the HECS-HELP Benefit. It involves providing an incentive to graduates who take up certain courses and pursue work in specified locations.
Here are other things that you need to know about HECS in Australia:
- How can one be eligible for HECS-HELP Benefit? It depends on your field of study. You can be eligible if you’re a graduate of an early childhood education teaching course or a Mathematics, Science, or Statistics course.
- Where can one apply for the HECS-HELP Benefit? If you meet the eligibility criteria, you can send your application to the Australian Tax Office.
- How long can one be eligible for the claim? If you are an eligible graduate, you can only claim a total of 260 weeks. Take note that you should be able to meet other eligibility criteria. Also, the claim does not have to be in a continuous period. You can claim it each year until you’ve reached 260 weeks. Once approved, the ATO will pay about $1,950 per year.
- The ATO does not accept late applications. Bear in mind that you have two years from the end of the financial year to submit your claim. This time limit means that for 2014-2015 tax year, you need to submit your claim before June 30, 2017.
Having an education savings plan for your child is essential, and if you need assistance, you may want to do your research on HECS in Australia. While it comes with eligibility criteria and specific fields of study, it will still be helpful in ensuring that your child will have a great education.
Do you know other things that are worth-considering about HECS and education saving plan? Share your ideas in the comment section.