Explanatory Memorandum(Circulated by authority of the Minister for Education the Honourable Julia Gillard MP)
Schedule 6-OS-HELP debts
Item 1 - Subsection 137-15(2)
Repeals and substitutes new subsection 137-15(2). New subsection 137-15(2) provides that the amount of the OS-HELP debt is an amount equal to the amount of the loan. The effect of Item 1 is to remove the 20% loan fee for OS-HELP debts.
Item 2 - Application
Item 2 is an application provision which specifies that the amendment made by Schedule 6 applies in relation to OS-HELP debts incurred on or after 1 January 2010.