Section 1061ZVEC — Social Security Act 1991: Stage 2—working out an accumulated SSL debt

(1) A person’s accumulated SSL debt, for a financial year, is worked out as follows: where: former accumulated SSL debt is the person’s former accumulated SSL debt in relation to that accumulated SSL debt. SSL debt repayments is the sum of all of the voluntary SSL repayments (if any) paid, on or after 1 July in the financial year and before 1 June in that year, in reduction of the SSL debts incurred in that year. SSL debts incurred is the sum of the amounts of all of the SSL debts (if any) that the person incurred during the first 6 months of the financial year. Note: The formula in this subsection is modified for the purposes of working out a person’s accumulated SSL debt for the financial year starting on 1 July 2024: see section 1061ZVECA. (2) The person incurs the accumulated SSL debt on 1 June in the financial year.