Stage 2—working out an accumulated ABSTUDY SSL debt
9C Stage 2—working out an accumulated ABSTUDY SSL debt
A person’s accumulated ABSTUDY SSL debt, for a financial year, is worked out as follows:
where:
ABSTUDY SSL debt repayments is the sum of all of the voluntary ABSTUDY SSL repayments (if any) paid, on or after 1 July in the financial year and before 1 June in that year, in reduction of the ABSTUDY SSL debts incurred in that year.
ABSTUDY SSL debts incurred is the sum of the amounts of all of the SSL debts (if any) that the person incurred during the first 6 months of the financial year.
former accumulated ABSTUDY SSL debt is the person’s former accumulated ABSTUDY SSL debt in relation to that accumulated ABSTUDY SSL debt.
The formula in this subsection is modified for the purposes of working out a person’s accumulated ABSTUDY SSL debt for the financial year starting on 1 July 2024: see section 9CA.
The person incurs the accumulated ABSTUDY SSL debt on 1 June in the financial year.
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