Commonwealth Consolidated Acts

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SOCIAL SECURITY ACT 1991 - SECT 1061ZVEC

Stage 2--working out an accumulated SSL debt

             (1)  A person's accumulated SSL debt , for a financial year, is worked out as follows:

Formula

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.

             (2)  The person incurs the accumulated SSL debt on 1 June in the financial year.



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