Trade Support Loans Act 2014
[ CCH Note: Div 3 heading will be amended by No 61 of 2023, s 3 and Sch 1 item 66, by substituting " AASL " for " TSL " , effective 21 February 2024 or a single day to be fixed by Proclamation. For transitional provisions, see note under s 105(1) .]
[ CCH Note: S 35 heading will be amended by No 61 of 2023, s 3 and Sch 1 item 78, by substituting " AASL " for " TSL " , effective 21 February 2024 or a single day to be fixed by Proclamation. For transitional provisions, see note under s 105(1) .]
A person ' s accumulated TSL debt , for a financial year, is worked out as follows:
| Former accumulated TSL debt | + | TSL debts incurred | − | Completion discount | − | TSL debt repayments |
where:
[ CCH Note: Definition of " AASL debt repayments " inserted by No 61 of 2023, s 3 and Sch 1 item 81, effective 21 February 2024 or a single day to be fixed by Proclamation. For transitional provisions, see note under s 105(1) . The definition will read:
]AASL debt repayments
is the sum of all of the voluntary AASL repayments (if any) paid, on or after 1 July in the financial year and before 1 June in that year, in reduction of the AASL debts incurred in that year.
[ CCH Note: Definition of " AASL debts incurred " inserted by No 61 of 2023, s 3 and Sch 1 item 81, effective 21 February 2024 or a single day to be fixed by Proclamation. For transitional provisions, see note under s 105(1) . The definition will read:
]AASL debts incurred
is the sum of the amounts of all of the AASL debts (if any) that the person incurred during the first 6 months of the financial year.
completion discount
means any completion discount for the person notified by the Secretary to the Commissioner under section
40
on or after 1 July in the financial year and before 1 June in that year.
[ CCH Note: Definition of " former accumulated AASL debt " inserted by No 61 of 2023, s 3 and Sch 1 item 81, effective 21 February 2024 or a single day to be fixed by Proclamation. For transitional provisions, see note under s 105(1) . The definition will read:
]former accumulated AASL debt
is the person ' s former accumulated AASL debt in relation to that accumulated AASL debt.
former accumulated TSL debt
is the person
'
s former accumulated TSL debt in relation to that accumulated TSL debt.
[ CCH Note: Definition of " former accumulated TSL debt " will be repealed by No 61 of 2023, s 3 and Sch 1 item 82(a), effective 21 February 2024 or a single day to be fixed by Proclamation. For transitional provisions, see note under s 105(1) .]
TSL debt repayments
is the sum of all of the voluntary TSL repayments (if any) paid, on or after 1 July in the financial year and before 1 June in that year, in reduction of the TSL debts incurred in that year.
[ CCH Note: Definition of " TSL debt repayments " will be repealed by No 61 of 2023, s 3 and Sch 1 item 82(b), effective 21 February 2024 or a single day to be fixed by Proclamation. For transitional provisions, see note under s 105(1) .]
TSL debts incurred
is the sum of the amounts of all of the TSL debts (if any) that the person incurred during the first 6 months of the financial year.
[ CCH Note: Definition of " TSL debts incurred " will be repealed by No 61 of 2023, s 3 and Sch 1 item 82(c), effective 21 February 2024 or a single day to be fixed by Proclamation. For transitional provisions, see note under s 105(1) .]
[ CCH Note: S 35(1) will be amended by No 61 of 2023, s 3 and Sch 1 items 79 and 80, by substituting " AASL " for " TSL " and the formula, effective 21 February 2024 or a single day to be fixed by Proclamation. For transitional provisions, see note under s 105(1) . The formula will read:
]
Former accumulated AASL debt + AASL debts incurred − Completion discount − AASL debt repayments
The person incurs the accumulated TSL debt on 1 June in the financial year.
[ CCH Note: S 35(2) will be amended by No 61 of 2023, s 3 and Sch 1 item 83, by substituting " AASL " for " TSL " , effective 21 February 2024 or a single day to be fixed by Proclamation. For transitional provisions, see note under s 105(1) .]
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