Capital Levy and Depreciating debentures
A Capital Levy or depreciating debenture must be purchased, in addition to the annual tuition fee. Currently parents can choose one or the other.
- Capital Levy
The Capital Levy is currently HK$21,840 per student per annum and this amount is reviewed each year. The capital levy must be paid on acceptance of an offer of a place. The capital levy is payable annually at the beginning of each school year.
- Depreciating Debenture (depreciable annually)
The current value of the depreciating debenture is HK$120,000 per student. A depreciating debenture is depreciated by 12.5% of the Initial Principal Sum at the beginning of each school year (1 January) for eight years. Once a debenture has depreciated in full over eight years, parents must pay an annual capital levy or purchase another debenture. If a student starts during a school year, depreciation on a pro rata basis will be charged for the first year only. The full depreciating rate per annum will apply thereafter. A debenture may depreciate to zero or be partially refunded when your child leaves the school before the debenture is fully depreciated.
An example to illustrate how the Depreciating Debenture works:
- A student withdraws after attending school for four (4) years.
The HK$120,000 debenture would have depreciated HK$15,000 each year.
- On the student’s last day of school, the remaining balance of HK$60,000 (HK$15,000 x 4), would be refunded to the debenture holder.
- Refunds are made subject to the payment of tuition fees and any other outstanding amount.
Reservation Deposit
A reservation deposit of HK$25,000 is required at the time of acceptance of an enrolment. This deposit is credited to the annual tuition fee on the student's commencement at the school. Where a debenture is available for a new enrolment, the lodgement of a debenture or the payment of the capital levy will be additional to the requirement to pay the reservation fee. Enrolment becomes final only after the school has received the reservation deposit and the debenture/capital levy payment.
Reservation deposits for new students are only refunded if the school receives written notification (email or fax is acceptable) of a student’s cancellation or change of requested start date within seven (7) days after the payment is received. This deadline is strictly adhered to.
Student Withdrawal
To withdraw a student, notice in writing must be addressed to the Head of School and submitted to the Admissions Office not less than one term or three months before the student leaves. For students who will not return to AISHK after the Christmas (end of school year) holidays, official notice should be given no later than the last day of Term 3. The Australian International School Foundation Limited will charge tuition fees if the above period of notice is not adhered to, counting from the day of receipt of the official written notice of withdrawal. The fee penalty will be based on one term’s fees. Where a student withdraws during a school year the full year’s capital levy will be payable. In the case of outstanding school fees and other unpaid invoices, the school reserves the right to withhold the school report of the student(s) concerned
Year 12 Students
As Year 12 is a student’s final year at the school, there is no need to provide the Admissions Office with written notification as is normally the case with students leaving from other year levels.
A letter together with a Departing Student Checklist Form will be sent to the parents to advise the withdrawal procedures required. For parents who have purchased debentures, they will be given an option to donate either a portion of their debenture or the entire amount to the school.
