35Stage 2—working out an accumulated AASL debt

35 Stage 2—working out an accumulated AASL debt

(1) A person’s accumulated AASL debt, for a financial year, is worked out as follows: Start formula Former accumulated AASL debt plus AASL debts incurred minus Completion discount minus AASL debt repayments end formula where:

AASL debt repayments is the sum of all of the voluntary AASL repayments (if any) paid, on or after 1 July in the financial year and before 1 June in that year, in reduction of the AASL debts incurred in that year.

AASL debts incurred is the sum of the amounts of all of the AASL debts (if any) that the person incurred during the first 6 months of the financial year.

completion discount means any completion discount for the person notified by the Secretary to the Commissioner under section 40 on or after 1 July in the financial year and before 1 June in that year.

former accumulated AASL debt is the person’s former accumulated AASL debt in relation to that accumulated AASL debt.

Note: The formula in this subsection is modified for the purposes of working out a person’s accumulated AASL debt for the financial year starting on 1 July 2024: see section 35A.

(2) The person incurs the accumulated AASL debt on 1 June in the financial year.