Repayable debt for an income year
12ZLB Repayable debt for an income year
A person’s repayable debt for an income year is:
the person’s accumulated FS debt referred to in paragraph 12ZK(1)(b) in relation to that income year; or
if one or more amounts:
have been paid in reduction of that debt; or
have been assessed under section 12ZM to be payable in respect of that debt;
the amount (if any) remaining after deducting from that debt the amount, or sum of the amounts, so paid or assessed to be payable.
A reference in paragraph (1)(b) to an amount assessed to be payable is, if the amount has been increased or reduced by an amendment of the relevant assessment, a reference to the increased amount or the reduced amount.
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