Australian Apprenticeship Support Loans Act 2014

CHAPTER 2 - Loan PAYMENTS  

PART 2.2 - MACHINERY PROVISIONS FOR PAYMENTS  

Division 4 - Payment  

SECTION 24   YEARLY RATE OF AUSTRALIAN APPRENTICESHIP SUPPORT LOAN  

24(1)    

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A person ' s yearly rate of Australian apprenticeship support loan is:

(a)    if the person is undertaking the first year of an apprenticeship on the final day of an instalment period - $ 8,000; and

(b)    if the person is undertaking the second year of an apprenticeship on the final day of an instalment period - $ 6,000; and

(c)    if the person is undertaking the third year of an apprenticeship on the final day of an instalment period - $ 4,000; and

(d)    if the person is undertaking the fourth (or later) year of an apprenticeship on the final day of an instalment period - $ 2,000.

Note:

The yearly rates are indexed on 1 July 2017 and each later 1 July in line with increases in the consumer price index (see section 99 ).

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History

S 24(1) amended by No 61 of 2023, s 3 and Sch 1 item 52, by substituting " Australian apprenticeship support loan " for " trade support loan " , effective 1 January 2024. For transitional provisions, see note under s 105(1) .

24(2)    
The rules may prescribe one or more ways of determining, or criteria to be considered in determining, the year of an apprenticeship a person is undertaking on any particular day.

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