23ECLiability of overseas debtors to repay amounts

23EC Liability of overseas debtors to repay amounts

(1) If: (a) a person is a foreign resident during an income year; and (b) the person’s assessed worldwide income for the income year exceeds the minimum repayment income for the income year; and (c) on 1 June immediately preceding the making of an assessment in respect of the person’s income of that income year, the person had an accumulated VETSL debt; the person is liable to pay to the Commonwealth, in accordance with this Division, a levy of the amount worked out under subsection (2).

Note: An amount a person is liable to pay under this section is imposed as a levy under the Student Loans (Overseas Debtors Repayment Levy) Act 2015.

(2) The amount of levy that a person is liable to pay under this section, in respect of an income year, is an amount equal to the difference between: (a) the amount that the person would have been liable to pay under section 23EA if: (i) the person had a repayment income for the income year of an amount equal to the person’s assessed worldwide income for the income year; and (ii) subsection 23EA(3) did not apply to the person; and (b) the amount (if any) the person is liable to pay under section 23EA, in respect of the income year.