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Australian Apprenticeship Support Loans Act 2014

CHAPTER 3 - Loan repayments  

PART 3.1 - INCURRING DEBTS  

Division 3 - Accumulated AASL debts  

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SECTION 31   STAGE 1 - WORKING OUT A FORMER ACCUMULATED AASL DEBT  

31(1)    

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A person ' s former accumulated AASL debt , in relation to the person ' s accumulated AASL debt for a financial year, is worked out by multiplying:

(a)    the amount worked out using the following method statement; by

(b)    

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the AASL debt indexation factor for 1 June in that financial year. Method statement

Step 1.

Take the person ' s accumulated AASL debt for the immediately preceding financial year. (This amount is taken to be zero if the person has no accumulated AASL debt for that financial year.)


Step 2.

Add the sum of all of the AASL debts (if any) that the person incurred during the last 6 months of the immediately preceding financial year.


Step 3.

Subtract the amount of the completion discount for the person, if the Secretary notified the Commissioner of a completion discount for the person under section 40 during the period:

  • (a) starting on 1 June in the immediately preceding financial year; and
  • (b) ending immediately before the next 1 June.


    • Step 4.

    Subtract the sum of the amounts by which the person ' s debts referred to in steps 1 and 2 are reduced because of any voluntary AASL repayments that have been made during the period:

  • (a) starting on 1 June in the immediately preceding financial year; and
  • (b) ending immediately before the next 1 June.


    • Step 5.

    Subtract the sum of all of the person ' s compulsory AASL repayment amounts that:

  • (a) were assessed during that period (excluding any assessed as a result of a return given before that period); or
  • (b) were assessed after the end of that period as a result of a return given before the end of that period.


    • Step 6.

    Subtract the sum of the amounts by which any compulsory AASL repayment amount of the person is increased (whether as a result of an increase in the person ' s taxable income of an income year or otherwise) by an amendment of an assessment made during that period.


    Step 7.

    Add the sum of the amounts by which any compulsory AASL repayment amount of the person is reduced (whether as a result of a reduction in the person ' s taxable income of an income year or otherwise) by an amendment of an assessment made during that period.

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    31(2)    
    For the purposes of this section, an assessment, or an amendment of an assessment, is taken to have been made on the day specified in the notice of assessment, or notice of amended assessment, as the date of issue of that notice.


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