47Repayable AASL debt for an income year

47 Repayable AASL debt for an income year

(1) A person’s repayable AASL debt for an income year is: (a) the person’s accumulated AASL debt referred to in paragraph 46(1)(b) in relation to that income year; or (b) if any or all of the following apply: (i) that debt has been reduced by the amount of a completion discount for the person; (ii) one or more amounts have been paid in reduction of that debt; (iii) one or more amounts have been assessed under section 48 to be payable in respect of that debt; the amount (if any) remaining after deducting from that debt any amounts referred to in subparagraphs (i), (ii) and (iii). (2) A reference in paragraph (1)(b) of this section to an amount assessed to be payable is, if the amount has been increased or reduced by an amendment of the relevant assessment, a reference to the increased amount or the reduced amount.