Commonwealth Consolidated Acts

AUSTRALIAN APPRENTICESHIP SUPPORT LOANS ACT 2014 - SECT 35

  (1)   A person's accumulated AASL debt , for a financial year, is worked out as follows:

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.

"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.

"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.

  (2)   The person incurs the accumulated AASL debt on 1   June in the financial year.