Section 1061ZVEA — Social Security Act 1991: Simplified outline of this Division

There are 2 stages to working out a person’s accumulated SSL debt for a financial year. In stage 1, the person’s former accumulated SSL debt is worked out by adjusting the preceding financial year’s accumulated SSL debt to take account of: (a) the HELP debt indexation factor for 1 June in that financial year; and (b) the debts that the person incurs during the last 6 months of the preceding financial year; and (c) voluntary SSL repayments of the debt; and (d) compulsory SSL repayment amounts in respect of the debt. In stage 2, the person’s accumulated SSL debt is worked out from: (a) the person’s former accumulated SSL debt; and (b) the SSL debts that the person incurs during the first 6 months of the financial year; and (c) voluntary SSL repayments of those debts.