STUDENT ASSISTANCE ACT 1973
A person's repayable debt for an income year is:
(a) the person's accumulated FS debt referred to in paragraph 12ZK(1)(b) in relation to that income year; or
(b) if one or more amounts:
(i) have been paid in reduction of that debt; or
the amount (if any) remaining after deducting from that debt the amount, or sum of the amounts, so paid or assessed to be payable. 12ZLB(2)
(ii) have been assessed under section 12ZM to be payable in respect of that debt;
A reference in paragraph (1)(b) to an amount assessed to be payable is, if the amount has been increased or reduced by an amendment of the relevant assessment, a reference to the increased amount or the reduced amount.
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