VET Student Loans Act 2016
View history note
Hide history noteIf:
(a) a person ' s repayment income for an income year exceeds the minimum 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 VETSL debt;
the person is liable to pay to the Commonwealth, in accordance with this Division, so much of the person ' s repayable VETSL debt for the income year as does not exceed the amount worked out using the formula:
Applicable percentage of repayment income − Relevant income-contingent loans liability
where:
applicable percentage of repayment income
means the amount that is the percentage of the person
'
s repayment income worked out in respect of the income year using 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 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.
23EA(2)
A person is not liable under this section to pay an amount for an income year if the amount worked out under subsection (1) is zero or less.
23EA(3)
A person is not liable under this section to pay an amount for an income year if, under section 8 of the Medicare Levy Act 1986 :
(a) no Medicare levy is payable by the person on the person ' s taxable income for the income year; or
(b) the amount of the Medicare levy payable by the person on the person ' s taxable income for the income year is reduced.
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