Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If a person owes a debt to the Commonwealth under this Chapter, the person may, on or before 31 December 1996, by writing in an approved form, notify the Commissioner that the person elects to make payments in reduction of his or her accumulated HEC debt when his or her HEC repayment income in respect of a year of income exceeds the prescribed amount for that year of income for the purposes of section 106PC.
(2) A person who has made an election under subsection (1) may, at any time before the person becomes liable to pay an amount under section 106PC, revoke the election by notice in writing in an approved form to the Commissioner.