#### 23CCA Reduction in VETSL debts incurred before 1 January 2025 (1) For the purposes of working out a person’s former accumulated VETSL debt in relation to the person’s accumulated VETSL debt for the financial year starting on 1 July 2024, section 23CB has effect as if the method statement in subsection (1) of that section included the following step after step 6: Step 7. Reduce the amount worked out under step 6 by 20%. (2) For the purposes of working out a person’s accumulated VETSL debt for the financial year starting on 1 July 2024, section 23CC has effect as if the first formula in subsection (1) of that section were omitted and the following formula substituted: ![Start formula Former accumulated VETSL debt plus open square bracket open round bracket VETSL debts incurred minus VETSL debt repayments close round bracket times 0.8 close square bracket end formula](image.006.png)

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