Trade support loans
As part of the government’s election policy, financial assistance will be provided to specific apprentices on a special needs list by providing interest-free loans referred to as Trade Support Loan (TSL).
TSL will be a new income contingent loan and will have compulsory repayments raised on a taxpayer’s Income Tax Notice of Assessment (NOA) once the taxpayer’s repayment income exceeds a minimum repayment threshold. The repayment rates and thresholds for TSL will utilise the current Higher Education Loan Program (HELP) rates.
If the taxpayer has both a HELP and TSL debt, the priority is to pay off the HELP debt first.