Trade Support Loans Act 2014

CHAPTER 3 - Loan repayments  

PART 3.1 - INCURRING DEBTS  

Division 3 - Accumulated TSL debts  

SECTION 35   STAGE 2 - WORKING OUT AN ACCUMULATED TSL DEBT  

35(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:

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.

former accumulated TSL debt
is the person ' s former accumulated TSL debt in relation to that accumulated TSL debt.

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.

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.

35(2)  
The person incurs the accumulated TSL debt on 1 June in the financial year.




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