Higher Education Support Act 2003
See section 6-1 .
(a) a *VET provider ' s *VET FEE-HELP account is in deficit at the end of a calendar year; and
(b) the *Secretary gives the VET provider a written notice about the deficit;
the VET provider must pay to the Commonwealth an amount equal to the amount of the deficit (the excess loan amount ).
[ CCH Note: No 168 of 2015, s 3 and Sch 1 item 24(3A) provides that subclause 45E(1) is applicable in relation to the 2016 calendar year and later calendar years.]
The excess loan amount is due on the seventh day (the due day ) after the day the notice is given. Late payments of the excess loan amount attract the general interest charge 45E(3)
If some or all of the excess loan amount remains unpaid after the due day, the *VET provider must pay to the Commonwealth an amount (the general interest charge ) relating to the unpaid amount for each day in the period that:
(a) starts at the beginning of the day after the due day; and
(b) ends at the end of the last day on which, at the end of the day, any of the following remains unpaid:
(i) the excess loan amount;
(ii) general interest charge on any of the excess loan amount.
The general interest charge for a particular day is worked out by multiplying the *general interest charge rate for that day by the sum of so much of the following amounts as remains unpaid:
(a) the general interest charge from previous days;
(b) the excess loan amount. 45E(5)
The general interest charge for a day is due and payable to the Commonwealth at the end of that day. 45E(6)
The *Secretary may give written notice to the *VET provider of the amount of the general interest charge for a particular day or days. A notice given under this subclause is prima facie evidence of the matters stated in the notice. 45E(7)
The *Secretary may remit all or a part of the general interest charge payable by the *VET provider if the Secretary is satisfied:
(i) the circumstances that contributed to the delay in payment were not due to, or caused directly or indirectly by, an act or omission of the VET provider; and
(ii) the VET provider has taken reasonable action to mitigate, or mitigate the effects of, those circumstances; or
(b) that it is otherwise appropriate to do so. 45E(8)
An amount payable under this clause may be recovered by the Commonwealth from the *VET provider as a debt due to the Commonwealth.