Commonwealth Consolidated Acts

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Repayable debt for an income year

             (1)  A person's repayable debt for an income year is:

                     (a)  the person's accumulated FS debt referred to in paragraph 1061ZZEZ(1)(b) in relation to that income year; or

                     (b)  if one or more amounts:

                              (i)  have been paid in reduction of that debt; or

                             (ii)  have been assessed under section 1061ZZFH to be payable in respect of that debt;

                            the amount (if any) remaining after deducting from that debt the amount, or sum of the amounts, so paid or assessed to be payable.

             (2)  A reference in paragraph (1)(b) to an amount assessed to be payable is, if the amount has been increased or reduced by an amendment of the relevant assessment, a reference to the increased amount or the reduced amount.

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