Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A person's former ABSTUDY accumulated SSL debt , in relation to the person's accumulated ABSTUDY SSL debt for a financial year, is worked out by multiplying:
(a) the amount worked out using the following method statement; by
(b) the HELP debt indexation factor for 1 June in that financial year.
Method statement
Step 1. Take the person's accumulated ABSTUDY SSL debt for the immediately preceding financial year. (This amount is taken to be zero if the person has no accumulated ABSTUDY SSL debt for that financial year.)
Step 2. Add the sum of all of the ABSTUDY SSL debts (if any) that the person incurred during the last 6 months of the immediately preceding financial year.
Step 3. Subtract the sum of the amounts by which the person's debts referred to in steps 1 and 2 are reduced because of any voluntary ABSTUDY SSL repayments that have been made during the period:
(a) starting on 1 June in the immediately preceding financial year; and
(b) ending immediately before the next 1 June.
Step 4. Subtract the sum of all of the person's compulsory ABSTUDY SSL repayment amounts that:
(a) were assessed during that period (excluding any assessed as a result of a return given before that period); or
(b) were assessed after the end of that period as a result of a return given before the end of that period.
Step 5. Subtract the sum of the amounts by which any compulsory ABSTUDY SSL repayment amount of the person is increased (whether as a result of an increase in the person's taxable income of an income year or otherwise) by an amendment of an assessment made during that period.
Step 6. Add the sum of the amounts by which any compulsory ABSTUDY SSL repayment amount of the person is reduced (whether as a result of a reduction in the person's taxable income of an income year or otherwise) by an amendment of an assessment made during that period.
(2) For the purposes of this section, an assessment, or an amendment of an assessment, is taken to have been made on the day specified in the notice of assessment, or notice of amended assessment, as the date of issue of that notice.