Australian Apprenticeship Support Loans Act 2014

Div 3 heading amended by No 61 of 2023, s 3 and Sch 1 item 66, by substituting " AASL " for " TSL " , effective 1 January 2024. For transitional provisions, see note under s 105(1) .

S 32(1) amended by No 108 of 2024, s 3 and Sch 1 items 21 and 22, by substituting " that is the lower of the CPI indexation factor for 1 June in the financial year (see subsection (1A)) and the WPI indexation factor for 1 June in the financial year (see subsection (1B)). " for " worked out as follows: " and repealing the method statement, effective 5 December 2024. For application provisions, see note under 32(1A) . The method statement formerly read:

Method statement

Step 1.

Add:

(a) the index number for the quarter ending on 31 March in that financial year; and

(b) the index numbers for the 3 quarters that immediately preceded that quarter.

Step 2.

Add:

(a) the index number for the quarter ending on 31 March in the immediately preceding financial year; and

(b) the index numbers for the 3 quarters that immediately preceded that quarter.

Step 3.

The AASL debt indexation factor for 1 June in the financial year is the result of step 1 divided by the result of step 2.

S 32(1) amended by No 61 of 2023, s 3 and Sch 1 item 74, by substituting " AASL " for " TSL " (wherever occurring), effective 1 January 2024. For transitional provisions, see note under s 105(1) .

S 32(1A) inserted by No 108 of 2024, s 3 and Sch 1 item 23, effective 5 December 2024. No 108 of 2024, s 3 and Sch 1 items 59 - 61 contain the following application provisions:

Division 2 - Amendment of the Australian Apprenticeship Support Loans Act 2014

59 Application of amendments of the Australian Apprenticeship Support Loans Act 2014  
(1)
The amendments of the Australian Apprenticeship Support Loans Act 2014 made by Part 3 of this Schedule apply for the purposes of working out a person ' s accumulated AASL debt and a person ' s former accumulated AASL debt for the financial year ending on 30 June 2023 and each subsequent financial year.

(2)
For the purposes of applying subitem (1) to the financial years ending on 30 June 2023 and 30 June 2024, a person ' s accumulated AASL debt and a person ' s former accumulated AASL debt are to be recalculated.

(3)
The transitional rules under Schedule 6 may specify how a recalculation under subitem (2) is to occur.
60 When refunds are required  
60
If:
(a) the Australian Apprenticeship Support Loans Act 2014 , as amended by this Schedule applies for the purposes of working out the following for a person:

(i) an accumulated AASL debt;

(ii) a former accumulated AASL debt; and

(b) because of the operation of item 59 of this Schedule, the amount previously paid by the person to the Commonwealth under Chapter 3 of the Australian Apprenticeship Support Loans Act 2014 , as in force immediately before the commencement of Part 3 of this Schedule exceeds the sum of:

(i) the amount required immediately before that commencement to discharge the total debt that the person owes to the Commonwealth under Chapter 3 of the Australian Apprenticeship Support Loans Act 2014 , as amended by this Schedule; and

(ii) the total amount immediately before that commencement of the person ' s primary tax debts (within the meaning of the Taxation Administration Act 1953 );

the Commonwealth must refund to the person an amount equal to that excess.

Note:

Interest may be payable if the Commonwealth is late in paying refunds: see Part IIIA of the Taxation (Interest on Overpayments and Early Payments) Act 1983 .

61 Meaning of expressions  
61
Expressions used in this Division have the same meanings as they have in the Australian Apprenticeship Support Loans Act 2014 .

S 32(1B) inserted by No 108 of 2024, s 3 and Sch 1 item 23, effective 5 December 2024. For application provisions, see note under 32(1A) .

S 32(2) amended by No 61 of 2023, s 3 and Sch 1 item 75, by substituting " an AASL " for " a TSL " , effective 1 January 2024. For transitional provisions, see note under s 105(1) .