35A

Reduction in AASL debts incurred before 1 January 2025

In force

(1)

For the purposes of working out a person’s former accumulated AASL debt in relation to the person’s accumulated AASL debt for the financial year starting on 1 July 2024, section 31 has effect as if the method statement in subsection (1) of that section included the following step after step 7:

Step 8. Reduce the amount worked out under step 7 by 20%.

(2)

For the purposes of working out a person’s accumulated AASL debt for the financial year starting on 1 July 2024, section 35 has effect as if the formula in subsection (1) of that section were omitted and substituted with the following:

Start formula Former accumulated AASL debt plus open square bracket open round bracket AASL debts incurred minus AASL debt repayments close round bracket times 0.8 close square bracket minus Completion discount end formula

This Act’s bill:Explanatory memorandum Second reading speech

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