45DNotional VET FEE‑HELP accounts

45D  Notional VET FEE‑HELP accounts

 (1) There is a notional VET FEE‑HELP account for each *VET provider.

Note 1: The VET provider will need to monitor the balance of its account, as it will have to repay an amount to the Commonwealth if the account is in deficit at the end of 2016 or a later year.

Note 2: This account applies in relation to all students entitled to VET FEE‑HELP assistance for VET units of study with census dates on or after 1 January 2016 (whether or not the student received VET FEE‑HELP assistance for earlier units before that day). See subclause (7).

Credits to the VET provider’s VET FEE‑HELP account

 (2) A credit arises in the *VET provider’s *VET FEE‑HELP account as follows:

 (a) if the VET provider is already a VET provider on 1 January 2015, a credit arises on the first day of each later calendar year that is equal to the amount worked out under subclause (3);

 (b) if the VET provider becomes a VET provider during 2015, a credit arises on the first day of each later calendar year that is equal to the amount worked out under subclause (4);

 (c) if the VET provider becomes a VET provider on a day after 2015, a credit arises on that day that is equal to the amount worked out under subclause (5);

 (d) if the VET provider pays on a particular day any part of any amount that becomes due under subclause 45E(2), a credit arises on that day that is equal to the amount of that payment;

 (e) if another body ceases to be a VET provider, a credit may arise:

 (i) in accordance with a determination under subclause (6) at the time of the cessation; and

 (ii) that is equal to the amount worked out under that determination;

 (f) if the *Secretary, on application by the VET provider, is satisfied on a particular day that:

 (i) the VET provider is offering a VET course of study that confers skills in an identified area of national importance; and

 (ii) the course is relevant for employment in a licensed occupation; and

 (iii) one or more students are unable to readily access training places in courses of this kind with any other VET provider; and

 (iv) insufficient credits have arisen in the VET provider’s VET FEE‑HELP account for an appropriate number of students to undertake the course with the VET provider; and

 (v) granting an extra credit of a particular amount is appropriate (which need not be the amount specified in the application);

  the Secretary may grant a credit, which arises on that day, that is equal to the amount considered appropriate under subparagraph (v).

 (3) For the purposes of paragraph (2)(a), the amount to be credited is the amount equal to: