Student Assistance Legislation Amendment Act 2006 (47 of 2006)

Schedule 2   Amendments relating to the Student Assistance Act 1973

Part 3   Amendments concerning repayment of accumulated FS debt

Division 1   Main amendments

Student Assistance Act 1973

25   After section 12ZN

Insert:

12ZNA Charges and administrative penalties for failing to meet obligations

(1) Part 4-25 in Schedule 1 to the Taxation Administration Act 1953 has effect as if:

(a) any compulsory repayment amount of a person were income tax payable by the person in respect of the income year in respect of which the assessment of that debt was made; and

(b) this Part were an income tax law.

(2) Subsection (1) does not have the effect of making a person liable to a penalty for any act or omission that happened before the commencement of this subsection.

12ZNB Pay as you go (PAYG) withholding

Part 2-5 (other than section 12-55 and Subdivisions 12-E, 12-F and 12-G) in Schedule 1 to the Taxation Administration Act 1953 applies, so far as it is capable of application, in relation to the collection of amounts of a compulsory repayment amount of a person as if the compulsory repayment amount were income tax.

12ZNC Provisional tax

Division 3 of Part VI of the Income Tax Assessment Act 1936 applies, so far as it is capable of application, in relation to the collection of a compulsory repayment amount of a person as if the compulsory repayment amount were income tax.

12ZND Pay as you go (PAYG) instalments

Division 45 in Schedule 1 to the Taxation Administration Act 1953 applies, so far as it is capable of application, in relation to the collection of a compulsory repayment amount of a person as if the compulsory repayment amount were income tax.