23CCStage 2—working out an accumulated VETSL debt

#### 23CC Stage 2—working out an accumulated VETSL debt (1) A person’s accumulated VETSL debt, for a financial year, is worked out as follows:  where: > former accumulated VETSL debt means the person’s former accumulated VETSL debt in relation to that accumulated VETSL debt. > VETSL debt repayments means the sum of all of the voluntary repayments (if any) paid, on or after 1 July in the financial year and before 1 June in that year, in reduction of the VETSL debts incurred in that year. > VETSL debts incurred means the sum of the amounts of all of the VETSL debts (if any) that the person incurred during the first 6 months of the financial year, with the total rounded down to the nearest whole dollar (and a total of less than one dollar taken to be zero). > Note: The formula in this subsection is modified for the purposes of working out a person’s accumulated VETSL debt for the financial year starting on 1 July 2024: see section 23CCA. > Note: Example: Paula is studying part‑time for a Diploma of Nursing. On 1 June 2021, her former accumulated VETSL debt was worked out using section 23CB to be $20,000. She incurred a VETSL debt of $1,500 on 31 August 2020. No repayments have been made in the 12 months from 1 June 2020. > Note: Paula’s accumulated VETSL debt on 1 June 2021 is worked out by taking her former accumulated VETSL debt of $20,000 and adding the $1,500 VETSL debt incurred on 31 August 2020. That is: > Note:  (2) The person incurs the accumulated VETSL debt on 1 June in the financial year. (3) The first financial year for which a person can have an accumulated VETSL debt is the financial year starting on 1 July 2019.