Compulsory payments in respect of accumulated FS debt
1061ZZEZ Compulsory payments in respect of accumulated FS debt
If:
a person’s repayment income for the income year 2006‑07 or a subsequent income year exceeds the minimum repayment income for that income year; and
on 1 June immediately preceding the making of an assessment in respect of the person’s income for that income year, the person had an accumulated FS debt;
the person is liable to pay to the Commonwealth, in accordance with this Division, the amount worked out under section 1061ZZFD in reduction of the person’s repayable debt.
A person is not liable under this section to pay an amount for an income year if, under section 8 of the Medicare Levy Act 1986:
no Medicare levy is payable by the person on the person’s taxable income for the income year; or
the amount of the Medicare levy payable by the person on the person’s taxable income for the income year is reduced.
This Act’s bill:Second reading speech
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