CHAPTER 3
-
Loan repayments
PART 3.1
-
INCURRING DEBTS
Division 3
-
Accumulated AASL debts
History
Div 3 heading amended by No 61 of 2023, s 3 and Sch 1 item 66, by substituting
"
AASL
"
for
"
TSL
"
, effective 1 January 2024. For transitional provisions, see note under s
105(1)
.
SECTION 35
STAGE 2
-
WORKING OUT AN ACCUMULATED AASL DEBT
35(1)
A person
'
s
accumulated AASL debt
, for a financial year, is worked out as follows:
| Former accumulated AASL debt |
+ |
AASL debts incurred |
− |
Completion discount |
− |
AASL debt repayments |
where:
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.
History
Definition of
"
AASL debt repayments
"
inserted by No 61 of 2023, s 3 and Sch 1 item 81, effective 1 January 2024. For transitional provisions, see note under s
105(1)
.
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.
History
Definition of
"
AASL debts incurred
"
inserted by No 61 of 2023, s 3 and Sch 1 item 81, effective 1 January 2024. For transitional provisions, see note under s
105(1)
.
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 AASL debt
is the person
'
s former accumulated AASL debt in relation to that accumulated AASL debt.
History
Definition of
"
former accumulated AASL debt
"
inserted by No 61 of 2023, s 3 and Sch 1 item 81, effective 1 January 2024. For transitional provisions, see note under s
105(1)
.
former accumulated TSL debt
(Repealed by No 61 of 2023)
History
Definition of
"
former accumulated TSL debt
"
repealed by No 61 of 2023, s 3 and Sch 1 item 82(a), effective 1 January 2024. For transitional provisions, see note under s
105(1)
. The definition formerly read:
former accumulated TSL debt
is the person
'
s former accumulated TSL debt in relation to that accumulated TSL debt.
TSL debt repayments
(Repealed by No 61 of 2023)
History
Definition of
"
TSL debt repayments
"
repealed by No 61 of 2023, s 3 and Sch 1 item 82(b), effective 1 January 2024. For transitional provisions, see note under s
105(1)
. The definition formerly read:
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
(Repealed by No 61 of 2023)
History
Definition of
"
TSL debts incurred
"
repealed by No 61 of 2023, s 3 and Sch 1 item 82(c), effective 1 January 2024. For transitional provisions, see note under s
105(1)
. The definition formerly read:
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.
History
S 35(1) amended by No 61 of 2023, s 3 and Sch 1 items 79 and 80, by substituting
"
AASL
"
for
"
TSL
"
and the formula, effective 1 January 2024. For transitional provisions, see note under s
105(1)
. The formula formerly read:
| Former accumulated TSL debt |
+ |
TSL debts incurred |
− |
Completion discount |
− |
TSL debt repayments |
35(2)
The person incurs the accumulated AASL debt on 1 June in the financial year.
History
S 35(2) amended by No 61 of 2023, s 3 and Sch 1 item 83, by substituting
"
AASL
"
for
"
TSL
"
, effective 1 January 2024. For transitional provisions, see note under s
105(1)
.
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