Higher Education Support Legislation Amendment (Student Loan Sustainability) Act 2018 (76 of 2018)

Schedule 1   Repayment thresholds

Part 1   General amendments

Social Security Act 1991

3   Section 1061ZZFD

Repeal the section, substitute:

1061ZZFD Amounts payable to the Commonwealth

(1) The amount that a person is liable to pay under section 1061ZZEZ, in respect of:

(a) the 2019-20 income year; or

(b) a later income year;

is the amount worked out using the formula:

where:

applicable percentage of repayment income means an amount equal to so much of the person's repayable debt for the income year as does not exceed 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.

(2) For the purposes of subsection (1), assume that the reference in the table in section 154-20 of the Higher Education Support Act 2003 to the person's repayment income is a reference to the person's repayment income within the meaning of section 1061ZZFA of this Act.

(3) 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.