19ABStudent Financial Supplement Scheme definitions

#### 19AB Student Financial Supplement Scheme definitions (1) This section has effect for the purposes of Chapter 2B. (2) Unless the contrary intention appears: > accumulated FS debt has the meaning given by section 1061ZZEQ. > adjusted accumulated FS debt has the meaning given by section 1061ZZES. > amount notionally repaid has the meaning given by subsection 1061ZZCN(5) or (7), as applicable. > amount outstanding has the meaning given by section 1061ZZCG or 1061ZZCH, as applicable. > amount repaid has the meaning given by subsection 1061ZZCJ(3), as affected by section 1061ZZCL. > approved course of education or study has the same meaning as in subsection 541B(5). > Note: This expression is used, with the same meaning, in sections 569B and 1061PC. > austudy payment general rate has the meaning given by subsection (3). > AWE has the meaning given by section 1061ZZFF. > category 1 student has the meaning given by section 1061ZZ. > category 2 student has the meaning given by section 1061ZZA. > Commissioner means Commissioner of Taxation. > Commissioner of Taxation includes a Second Commissioner of Taxation and a Deputy Commissioner of Taxation. > compulsory repayment amount means an amount that: (a) is required to be paid in respect of an accumulated FS debt under section 1061ZZEZ; and (b) is included in a notice of an assessment made under section 1061ZZFH. > contract period of a financial supplement contract has the meaning given by subsection 1061ZZAX(7) or 1061ZZAY(3). > cooling off period means a period referred to in section 1061ZZBD. > discount has the meaning given by section 1061ZZCM. > earlier date has the meaning given by paragraph 1061ZZEQ(2)(b). > eligibility period for a person means an eligibility period under section 1061ZY and includes an eligibility period for the purposes of the Social Security Student Financial Supplement Scheme 1998. > exempt foreign income has the meaning given by subsection 1061ZZFA(4). > financial corporation means: (a) a foreign corporation within the meaning of paragraph 51(xx) of the Constitution whose sole or principal business activities in Australia are the borrowing of money and the provision of finance; or (b) a financial corporation within the meaning of that paragraph; and includes a bank. > financial supplement contract means a contract referred to in subsection 1061ZZAX(2) or 1061ZZAY(1). > FS assessment debt means an amount that is required to be paid in respect of an accumulated FS debt under section 1061ZZEZ and is included in an assessment made under Division 7 of Part 2B.3 or under the corresponding provision of the Social Security Student Financial Supplement Scheme 1998 or of the Student Assistance Act 1973 as in force at a time before 1 July 1998. > FS debt has the meaning given by section 1061ZZEO. > income tax has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997. > income tax law has the meaning given by section 14ZAAA of the Taxation Administration Act 1953. > income year has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997. > index number for a quarter means the All Groups Consumer Price Index number, being the weighted average of the 8 capital cities, published by the Australian Statistician for the quarter. > intending to undertake a course: see subsection (5). > interest subsidy, in relation to financial supplement paid to a person by a participating corporation under a financial supplement contract, means the part of any subsidy paid by the Commonwealth to the corporation, without cost to the person, in respect of the supplement under the agreement entered into with the corporation under section 1061ZZAG, that is in lieu of interest. > later date has the meaning given by paragraph 1061ZZEQ(1)(a) or (2)(a), as the case requires. > maximum amount of financial supplement has the meaning given by section 1061ZZAK or 1061ZZAO, as the case requires, as affected by section 1061ZZAQ. > Medicare levy means the Medicare levy imposed by the Medicare Levy Act 1986. > minimum amount of financial supplement has the meaning given by section 1061ZZAP. > minimum repayment income has the same meaning as in the Higher Education Support Act 2003. > office means a branch office but does not include an agency or administrative office. > original amount has the meaning given by subsection 1061ZZCW(1). > overpayment, for a person in relation to an eligibility period, means either of the following: (a) a debt or overpayment that is to be recovered under Chapter 5 from the person during the eligibility period; (b) an amount the person is liable to pay to the Commonwealth under section 1061ZZDE, 1061ZZDL, 1061ZZDV or 1061ZZEE that the Secretary has decided is to be recovered during the eligibility period. > participating corporation has the meaning given by subsection 1061ZZAG(3). > principal sum, at a time during the contract period of a financial supplement contract, means the total of the amounts of financial supplement paid under the contract before that time by the participating corporation to the other party to the contract. > repayable debt, for an income year, has the meaning given by section 1061ZZFC. > repayment income has the meaning given by section 1061ZZFA. > revised amount has the meaning given by subsection 1061ZZCW(1). > saved amount means an amount referred to in subsection 1061ZZBO(3). > short course means a tertiary course that is designed to be completed in, at most, 30 weeks (including vacations). > Social Security Student Financial Supplement Scheme 1998 means the scheme of that name established by the Minister under Chapter 2B of this Act as in force before the commencement of this section. > supplement entitlement notice given to a person means a notice given to the person under subsection 1061ZZAC(3) or 1061ZZAD(4), or a notice referred to in subsection 1061ZZAE(3). > taxable income has the meaning given by section 4‑15 of the Income Tax Assessment Act 1997. > termination date of a financial supplement contract means the date set out in the contract under subsection 1061ZZAX(6) or as mentioned in subsection 1061ZZAY(2). > termination notice means a notice given under section 1061ZZCQ or under the corresponding provision of the Social Security Student Financial Supplement Scheme 1998 or of the Student Assistance Act 1973 as in force at a time before 1 July 1998. > tertiary course means a tertiary course that is an approved course of education or study. > trade back has the meaning given by section 1061ZZAT. > trade in has the meaning given by section 1061ZZAR. > undertaking a course: see subsection (5). > WPI index number for a quarter means the Wage Price Index (quarterly index/total hourly rates of pay excluding bonuses/Australia/private and public/all industries) number published by the Australian Statistician in respect of that quarter. > wrongly paid supplement has the meaning given by subsections 1061ZZDB(4), 1061ZZDI(4), 1061ZZDS(4) and 1061ZZEC(4). > year means a calendar year. > year of income has the same meaning as in the Income Tax Assessment Act 1936. > youth allowance general rate has the meaning given by subsection (4). (3) A person’s austudy payment general rate is the rate of austudy payment that would be payable to the person if the rate were worked out: (a) using the Austudy Payment Rate Calculator; and (b) not including any amount as pharmaceutical allowance or remote area allowance. (4) A person’s youth allowance general rate is the rate of youth allowance that would be payable to the person if the rate were worked out: (a) using the Youth Allowance Rate Calculator; and (b) not including any amount as pharmaceutical allowance, rent assistance or remote area allowance. (5) The question whether a person is intending to undertake a course or is undertaking a course is to be determined, so far as practicable and with any necessary changes, in the same way as the question whether a person is intending to undertake study or is undertaking study, as the case may be, is determined under section 541B.