Higher Education Support Act 2003

Chapter 4 - Repayment of loans

PART 4-1 - INDEBTEDNESS

Division 140 - How are accumulated HELP debts worked out?

Subdivision 140-B - Former accumulated HELP debts

SECTION 140-10   HELP debt indexation factor

140-10(1)

The HELP debt indexation factor for a person for 1 June in a financial year is the number (rounded to 3 decimal places):

(a) if the *Secretary has determined, under section 142-10 , that the indexation of the person ' s *accumulated HELP debt for the financial year is to be reduced - worked out using the formula in subsection (1A); and

(b) in any other case - worked out as follows: Method statement

Step 1.

• (a) the *index number for the *quarter ending on 31 March in that financial year; and
• (b) the index numbers for the 3 quarters that immediately preceded that quarter.

• Step 2.

• (a) the *index number for the *quarter ending on 31 March in the immediately preceding financial year; and
• (b) the index numbers for the 3 quarters that immediately preceded that quarter.

• Step 3.

The HELP debt indexation factor for 1 June in the financial year is the amount under step 1 divided by the amount under step 2.

140-10(1A)

For the purposes of paragraph (1)(a), the formula to work out the *HELP debt indexation factor for the person is:

where:

A
means the *HELP debt indexation factor for 1 June in the financial year worked out using the method statement in subsection (1).

B
means the number of days in the applicable calendar year determined for the person by the *Secretary under subsection 142-10(2) .

140-10(2)
For the purposes of rounding a *HELP debt indexation factor, the third decimal place is rounded up if, apart from the rounding:

(a) the factor would have 4 or more decimal places; and

(b) the fourth decimal place would be a number greater than 4.

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