Document ID: chunk:federal_register_of_legislation:C2025C00014:section:109e:p3
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 109E (pt 3/3)
Character Range: 939015–940198

year's benchmark interest rate is the benchmark interest rate for the year of income for which the minimum yearly repayment is being worked out.

remaining term is the difference between:
 (a) the number of years in the longest term of any of the constituent loans that the amalgamated loan takes account of; and
 (b) the number of years between the end of the private company's year of income in which the loan was made and the end of the private company's year of income before the year of income for which the minimum yearly repayment is being worked out;
rounded up to the next higher whole number if the difference is not already a whole number.
Note: Section 109R provides that certain payments relating to a loan are not to be taken into account for the purposes of working out the minimum yearly repayment.

Benchmark interest rate used to work out how much of a payment relating to amalgamated loan is a repayment

 (7) Work out the amount of an amalgamated loan repaid by the end of a year of income on the basis that interest is payable on the balance of the loan from time to time in a year of income at a rate equal to the benchmark interest rate for the year of income.