Simplified outline of this Division

In force

There are 2 stages to working out a person’s accumulated AASL debt for a financial year.

In stage 1, the person’s former accumulated AASL debt is worked out by adjusting the preceding financial year’s accumulated AASL debt to take account of:

(a)

indexation using the AASL debt indexation factor; and

(b)

the debts that the person incurs during the last 6 months of the preceding financial year; and

(c)

any completion discount for the person; and

(d)

voluntary AASL repayments of the debt; and

(e)

compulsory AASL repayment amounts in respect of the debt.

In stage 2, the person’s accumulated AASL debt is worked out from:

(a)

the person’s former accumulated AASL debt; and

(b)

the AASL debts that the person incurs during the first 6 months of the financial year; and

(c)

any completion discount for the person; and

(d)

voluntary AASL repayments of the debt.

This Act’s bill:Explanatory memorandum Second reading speech

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30 Simplified outline of this Division