Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A person's accumulated ABSTUDY SSL debt , for a financial year, is worked out as follows:
where:
"ABSTUDY" SSL debt repayments is the sum of all of the voluntary ABSTUDY SSL repayments (if any) paid, on or after 1 July in the financial year and before 1 June in that year, in reduction of the ABSTUDY SSL debts incurred in that year.
"ABSTUDY" SSL debts incurred is the sum of the amounts of all of the SSL debts (if any) that the person incurred during the first 6 months of the financial year.
"former accumulated ABSTUDY" SSL debt is the person's former accumulated ABSTUDY SSL debt in relation to that accumulated ABSTUDY SSL debt.
(2) The person incurs the accumulated ABSTUDY SSL debt on 1 June in the financial year.