Reduction in SSL debts incurred before 1 January 2025
1061ZVECA Reduction in SSL debts incurred before 1 January 2025
For the purposes of working out a person’s former accumulated SSL debt in relation to the person’s accumulated SSL debt for the financial year starting on 1 July 2024, section 1061ZVEB has effect as if the method statement in subsection (1) of that section included the following step after step 6:
Step 7. Reduce the amount worked out under step 6 by 20%.
For the purposes of working out a person’s accumulated SSL debt for the financial year starting on 1 July 2024, section 1061ZVEC has effect as if the formula in subsection (1) of that section were omitted and substituted with the following:
Start formula Former accumulated SSL debt plus open square bracket open round bracket SSL debts incurred minus SSL debt repayments close round bracket times 0.8 close square bracket end formula
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