Taking account of amendments of assessments of HEC assessment debts on or after 1 June 2005
13 Taking account of amendments of assessments of HEC assessment debts on or after 1 June 2005
If:
on or after 1 June 2005, the Commissioner amends an assessment made under section 106T of the Higher Education Funding Act 1988 of the amount of a person's HEC assessment debt; and
the HEC assessment debt is increased by the amendment (whether as a result of an increase in the person's taxable income of an income year or otherwise);
in working out, under section 140‑25 of the Higher Education Support Act 2003, a person's accumulated HELP debt for the appropriate financial year, add the amount of the increase to the amount of the sum referred to in step 5 of the method statement in section 140‑5 of that Act.
If:
on or after 1 June 2005, the Commissioner amends an assessment made under section 106T of the Higher Education Funding Act 1988 of the amount of a person's HEC assessment debt; and
the HEC assessment debt is reduced by the amendment (whether as a result of a reduction in the person's taxable income of an income year or otherwise);
in working out, under section 140‑25 of the Higher Education Support Act 2003, a person's accumulated HELP debt for the appropriate financial year, add the amount of the reduction to the amount of the sum referred to in step 6 of the method statement in section 140‑5 of that Act.
For the purposes of this item, the appropriate financial year is:
if the amendment is made before 1 June in a financial year-that financial year; or
if the amendment is made on or after 1 June in a financial year-the immediately succeeding financial year.
This Act’s bill:Explanatory memorandumSecond reading speech
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