Australian Apprenticeship Support Loans Act 2014

CHAPTER 3 - Loan repayments  

PART 3.1 - INCURRING DEBTS  

Division 3 - Accumulated AASL debts  

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History

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) .

SECTION 32   AASL DEBT INDEXATION FACTOR  

32(1)    

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The AASL debt indexation factor for 1 June in a financial year is the number (rounded to 3 decimal places) worked out as follows: 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.

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History

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) .

32(2)    

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For the purposes of rounding an AASL debt indexation factor, the third decimal place is rounded up if, apart from the rounding:

(a)    the factor would have 4 or more decimal places; and

(b)    the fourth decimal place would be a number greater than 4.

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History

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) .

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