S 151-5 repealed by No 169 of 2015, s 3 and Sch 4 item 7, applicable in relation to a voluntary repayment made on or after 1 January 2017, regardless of when the debt to which the repayment relates was incurred. S 151-5 formerly read:
SECTION 151-5 Voluntary repayment bonus relating to HELP debts
151-5(1)
The effect that a payment under section
151-1
has on a *HELP debt or an *accumulated HELP debt that a person (the
debtor
) owes to the Commonwealth under this Chapter is the effect specified in subsection (2) or (3) of this section if the amount of the payment is:
(a)
$500 or more; or
(b)
sufficient to be taken under subsection (2) to pay off the total debt.
Total debt paid off
151-5(2)
The debtor is taken to pay off the total debt if the payment in respect of the debt is equal to, or exceeds, an amount worked out as follows:
Amount of the debt outstanding
1.05 |
Example:
The total of Andrew
'
s HELP debts and accumulated HELP debt is $2,500. To pay off his debt to the Commonwealth he only needs to repay $2,380 ($2,500 divided by 1.05 is $2,380, rounding down to the nearest dollar).
History
S 151-5(2) substituted by No 178 of 2011, s 3 and Sch 3 item 3, applicable in relation to payments made under Division
151
of the
Higher Education Support Act 2003
on or after 1 January 2012 to meet a person
'
s debts to the Commonwealth under Chapter
4
of that Act. S 151-5(2) formerly read:
151-5(2)
The debtor is taken to pay off the total debt if the payment in respect of the debt is equal to, or exceeds, an amount worked out as follows:
Amount of the debt outstanding
1.1 |
Example:
The total of Andrew's HELP debts and accumulated HELP debt is $2,500. To pay off his debt to the Commonwealth he only needs to repay $2,272 ($2,500 divided by 1.1 is $2,272, rounding down to the nearest dollar).
Part of debt paid off
151-5(3)
If the debtor is not taken to pay off the total debt, the outstanding amount of the debt is to be reduced by an amount worked out as follows:
| Amount of the payment
×
1.05 |
Example:
The total of Helen
'
s HELP debts and accumulated HELP debt is $4,500. She makes a voluntary repayment of $1,500. With a 5% bonus, the value of her repayment is $1575. The total amount that she owes to the Commonwealth is reduced to $2,925.
History
S 151-5(3) substituted by No 178 of 2011, s 3 and Sch 3 item 3, applicable in relation to payments made under Division
151
of the
Higher Education Support Act 2003
on or after 1 January 2012 to meet a person
'
s debts to the Commonwealth under Chapter
4
of that Act. S 151-5(3) formerly read:
151-5(3)
If the debtor is not taken to pay off the total debt, the outstanding amount of the debt is to be reduced by an amount worked out as follows:
| Amount of the payment
×
1.1 |
Example:
The total of Helen's HELP debts and accumulated HELP debt is $4,500. She makes a voluntary repayment of $1,500. With a 10% bonus, the value of her repayment is $1,650. The total amount that she owes to the Commonwealth is reduced to $2,850.
Rounding
151-5(4)
If an amount worked out using the formula in subsection (2) is an amount made up of dollars and cents, round the amount down to the nearest dollar.
History
S 151-5(4) substituted by No 38 of 2012, s 3 and Sch 1 item 11, applicable in relation to payments made under section
151-1
of the
Higher Education Support Act 2003
on or after 1 January 2013. S 151-5(4) formerly read:
151-5(4)
If an amount worked out using the formula in subsection (2) or (3) is an amount made up of dollars and cents, round the amount down to the nearest dollar.
151-5(5)
If an amount worked out using the formula in subsection (3) is an amount made up of dollars and cents, round the amount up to the nearest dollar.
History
S 151-5(5) inserted by No 38 of 2012, s 3 and Sch 1 item 11, applicable in relation to payments made under section
151-1
of the
Higher Education Support Act 2003
on or after 1 January 2013.
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