Document ID: chunk:federal_register_of_legislation:C2024C00866:section:52zf
Version: federal_register_of_legislation:C2024C00866
Segment Type: section
Provision Reference: s 52ZF
Character Range: 824084–825889

52ZF  Existence of debt results in charge over real assets

Person not member of a couple
 (1) If a person who is not a member of a couple owes a debt to the Commonwealth under section 52ZC, the person's real assets are subject to a charge in favour of the Commonwealth to secure the payment of the debt to the Commonwealth.

Person member of a couple
 (2) If:
 (a) a person who is a member of a couple owes a debt to the Commonwealth under section 52ZC; and
 (b) the person's partner has signed the person's request under subsection 52ZD(2);
the couple's real assets are subject to a charge in favour of the Commonwealth to secure the payment of a debt to the Commonwealth.
 (3) If:
 (a) the pension loans scheme ceases to operate in relation to a person because of the effect of section 52ZJ, 52ZJA or 52ZK; and
 (b) at the time the scheme ceases to operate, the person owes a debt to the Commonwealth because of the person's participation in the scheme;
any charge in favour of the Commonwealth under subsection (1) or (2) of this section continues in relation to the real assets until the debt is repaid or recovered.
Note 1: Section 52ZJ provides that a person ceases to participate in the scheme if the debt owed by the person exceeds the maximum loan available.
Note 1A: Section 52ZJA provides that the scheme ceases to operate in relation to a person if the Commission is satisfied that the person ceases to be eligible to participate in the scheme and the Commission determines that the scheme ceases to operate in relation to the person.
Note 2: Section 52ZK provides for a person to withdraw from the scheme.
 (4) This section does not apply if subparagraph 52ZA(1)(e)(ii) or (2)(e)(ii) applied to the person when the person made his or her request to participate in the pension loans scheme.