Higher Education Support Legislation Amendment (Student Loan Sustainability) Act 2018 (76 of 2018)

Schedule 2   Order of repayment of debts

Part 1   Amendments

Social Security Act 1991

1   Subsection 1061ZVHA(1)

Repeal the subsection, substitute:

(1) If:

(a) a person's HELP repayment income for an income year exceeds the minimum HELP repayment income for the income year; and

(b) on 1 June immediately preceding the making of an assessment in respect of the person's income of that income year, the person had an accumulated SSL debt;

the person is liable to pay to the Commonwealth, in accordance with this Division, so much of the person's repayable SSL debt for the income year as does not exceed the amount worked out using the formula:

where:

applicable percentage of repayment income means the amount that is the percentage of the person's HELP repayment income applicable under the table in section 154-20 of the Higher Education Support Act 2003.

relevant income-contingent loans liability means the amount that is the sum of the following:

(a) the sum of any amounts the person is liable to pay under section 154-1 or 154-16 of the Higher Education Support Act 2003 in respect of the income year;

(b) the sum of any amounts the person is liable to pay under section 1061ZZEZof this Act, or section 12ZK of the Student Assistance Act 1973, in respect of the income year.