Stage 1—working out a former accumulated SSL debt
1061ZVEB Stage 1—working out a former accumulated SSL debt
A person’s former accumulated SSL debt, in relation to the person’s accumulated SSL debt for a financial year, is worked out by multiplying:
the amount worked out using the following method statement; by
the HELP debt indexation factor for 1 June in that financial year.
Method statement
Step 1. Take the person’s accumulated SSL debt for the immediately preceding financial year. (This amount is taken to be zero if the person has no accumulated SSL debt for that financial year.)
Step 2. Add the sum of all of the SSL debts (if any) that the person incurred during the last 6 months of the immediately preceding financial year.
Step 3. Subtract the sum of the amounts by which the person’s debts referred to in steps 1 and 2 are reduced because of any voluntary SSL repayments that have been made during the period:
starting on 1 June in the immediately preceding financial year; and
ending immediately before the next 1 June.
Step 4. Subtract the sum of all of the person’s compulsory SSL repayment amounts that:
were assessed during that period (excluding any assessed as a result of a return given before that period); or
were assessed after the end of that period as a result of a return given before the end of that period.
Step 5. Subtract the sum of the amounts by which any compulsory SSL repayment amount of the person is increased (whether as a result of an increase in the person’s taxable income of an income year or otherwise) by an amendment of an assessment made during that period.
Step 6. Add the sum of the amounts by which any compulsory SSL repayment amount of the person is reduced (whether as a result of a reduction in the person’s taxable income of an income year or otherwise) by an amendment of an assessment made during that period.
This method statement is modified for the purposes of working out a person’s former accumulated SSL debt in relation to the financial year starting on 1 July 2024: see section 1061ZVECA.
For the purposes of this section, an assessment, or an amendment of an assessment, is taken to have been made on the day specified in the notice of assessment, or notice of amended assessment, as the date of issue of that notice.
This Act’s bill:Second reading speech
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