12Debt

12 Debt

[Section 12 Amended by No. 41 of 2017, s. 11, Applied:01 Dec 2017] A Member is not required to disclose a liability or information relating to a liability to pay a debt owed by the Member or a spouse of the Member if–

(a) the amount of the debt did not exceed $500 unless–

(i) [Section 12 Amended by No. 41 of 2017, s. 11, Applied:01 Dec 2017] the debt was one of 2 or more debts that the Member or a spouse of the Member is liable to pay to one person as at the primary return date or during the annual return period; and

(ii) the amounts to be paid exceeded, in the aggregate, $500; or

(b) [Section 12 Amended by No. 41 of 2017, s. 11, Applied:01 Dec 2017] the debt is payable to a relative of the Member; or

(c) the debt arises from a loan of money and–

(i) [Section 12 Amended by No. 74 of 1999, Sched. 2, Applied:01 Jan 2000] [Section 12 Amended by No. 41 of 2017, s. 11, Applied:01 Dec 2017] the Member or a spouse of the Member is liable to pay the debt to an authorised deposit-taking institution or other person whose ordinary business includes the lending of money; and

(ii) the loan was made in the ordinary course of business of the lender; or

(d) the debt arises from the supply of goods or services that were supplied–

(i) [Section 12 Amended by No. 41 of 2017, s. 11, Applied:01 Dec 2017] during the period of 12 months immediately preceding the primary return date or during the annual return period; and

(ii) [Section 12 Amended by No. 41 of 2017, s. 11, Applied:01 Dec 2017] in the ordinary course of any occupation of the Member that is not related to his or her duties as a Member or in the ordinary course of any occupation of a spouse of the Member.