Commonwealth Consolidated Acts

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SOCIAL SECURITY ACT 1991 - SECT 1061ZZER

How to work out accumulated FS debt

  (1)   A person's accumulated FS debt referred to in subsection   1061ZZEQ(1) is an amount equal to the FS debt or the total of the FS debts referred to in that subsection.

  (2)   A person's accumulated FS debt referred to in subsection   1061ZZEQ(2) is an amount worked out using the formula:

Start formula open bracket Adjusted accumulated FS debt times Indexation factor close bracket plus Later FS debts end formula

  (3)   In subsection   (2):

"adjusted accumulated FS debt" means the person's adjusted accumulated FS debt on the earlier date.

"indexation factor" means the factor worked out under section   1061ZZET.

"later FS debts" means any FS debt, or the total of any FS debts, of the person that did not exist on the earlier date.


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