Simplified outline of this Division
1061ZVEA Simplified outline of this Division
There are 2 stages to working out a person’s accumulated SSL debt for a financial year.
In stage 1, the person’s former accumulated SSL debt is worked out by adjusting the preceding financial year’s accumulated SSL debt to take account of:
the HELP debt indexation factor for 1 June in that financial year; and
the debts that the person incurs during the last 6 months of the preceding financial year; and
voluntary SSL repayments of the debt; and
compulsory SSL repayment amounts in respect of the debt.
In stage 2, the person’s accumulated SSL debt is worked out from:
the person’s former accumulated SSL debt; and
the SSL debts that the person incurs during the first 6 months of the financial year; and
voluntary SSL repayments of those debts.
This Act’s bill:Second reading speech
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