Universities Accord (Cutting Student Debt by 20 Per Cent) Act 2025 (30 of 2025)

Schedule 1   Debt reduction

Part 1   Amendments

Social Security Act 1991

53   After section 1061ZVEC

Insert:

1061ZVECA Reduction in SSL debts incurred before 1 January 2025

(1) For the purposes of working out a person's former accumulated SSL debt in relation to the person's accumulated SSL debt for the financial year starting on 1 July 2024, section 1061ZVEB has effect as if the method statement in subsection (1) of that section included the following step after step 6:

Step 7. Reduce the amount worked out under step 6 by 20%.

(2) For the purposes of working out a person's accumulated SSL debt for the financial year starting on 1 July 2024, section 1061ZVEC has effect as if the formula in subsection (1) of that section were omitted and substituted with the following: