House of Representatives

Explanatory Memorandum

(Circulated by authority of the Minister for Education, Science and Training, the Honourable Dr Brendan Nelson MP)

Schedule 3 - Amendments relating to voluntary repayment of debts

Higher Education Funding Act 1988

Item 1 Paragraph 61(1)(b)

Amends paragraph 61(1)(b) (dealing with the application of the Higher Education (HECS) Reserve) to clarify that no refunds of voluntary HECS repayments will be made from 1 January 2005 by limiting refunds to amounts paid under sections 106P and 106PC or those referred to in subsection 106YA(4).

Item 2 Application

Provides that the amendment made by item 1 applies to all amounts paid under section 106P or 106PC or referred to in subsection 106YA(4), whether the amounts were paid before or after the commencement of this item.