8AAZLD

Special priority credits

Current

If, under this Division, the Commissioner is to apply a credit that arises under Schedule 1 to this Act (the PAYG system), the Commissioner must apply it, whether under section 8AAZLA or 8AAZLB:

(aa)

first, against any compulsory repayment amount of the entity; and

(aaa)

then against any compulsory VETSL repayment amount of the entity; and

(ab)

then against any compulsory SSL repayment amount of the entity; and

(ac)

then against any compulsory ABSTUDY SSL repayment amount of the entity; and

(ad)

then against any compulsory AASL repayment amount of the entity; and

(b)

then against any FS assessment debt of the entity;

before applying it against other non‑RBA tax debts of the entity.

This Act’s bill:Second reading speech

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