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)  

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

(a)  

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if the *Secretary has determined, under section 142-10 or 144-5 , 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.

Add:

(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.

Add:

(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.

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History

S 140-10(1) amended by No 3 of 2023, s 3 and Sch 2 item 5, by inserting " or 144-5 " in para (a), effective 21 February 2023. For application, saving and transitional provisions, see note under Div 144 heading.

S 140-10(1) amended by No 103 of 2019, s 3 and Sch 2 item 6, by substituting all the words before the method statement, effective 1 January 2020 and applicable in relation to the 2019-2020 financial year and each later financial year. Formerly read:

140-10(1)
The HELP debt indexation factor for 1 June in a financial year is the number (rounded to 3 decimal places) worked out as follows:

140-10(1A)  

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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) or 144-5(2) .

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History

S 140-10(1A) amended by No 3 of 2023, s 3 and Sch 2 item 6, by inserting " or 144-5(2) " at the end of the definition of B, effective 21 February 2023. For application, saving and transitional provisions, see note under Div 144 heading.

S 140-10(1A) inserted by No 103 of 2019, s 3 and Sch 2 item 7, effective 1 January 2020 and applicable in relation to the 2019-2020 financial year and each later financial year.

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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