12ZLCAmounts payable to the Commonwealth

12ZLC Amounts payable to the Commonwealth

(1) The amount that a person is liable to pay under section 12ZK, in respect of: (a) the 2019‑20 income year; or (b) a later income year; is the amount worked out using the formula: Start formula Applicable repayable amount minus Relevant income-contingent loans liability end formula where:

applicable repayable amount means the amount that is the least of the following:

(a) the amount worked out under subsection 154‑20(2) of the Higher Education Support Act 2003 for the income year, as if:
(i) references in that subsection to the person’s repayment income were references to the person’s repayment income within the meaning of this Act; and
(ii) references in that subsection to the person’s minimum repayment income were references to the person’s minimum repayment income within the meaning of this Act;
(b) the amount equal to 10% of the person’s repayment income for the income year;
(c) the amount of the person’s repayable debt for the income year.

relevant income‑contingent loans liability means the amount that is the sum of the following:

(a) the sum of any amounts the person is liable to pay under section 154‑1 or 154‑16 of the Higher Education Support Act 2003 in respect of the income year;
(b) the sum of any amounts the person is liable to pay under section 23EA or 23EC of the VET Student Loans Act 2016 in respect of the income year.

(3) A person is not liable under this section to pay an amount for an income year if the amount worked out under subsection (1) is zero or less.