Document ID: chunk:federal_register_of_legislation:C2018A00116:clause:1_23cb:p2
Version: federal_register_of_legislation:C2018A00116
Segment Type: clause
Provision Reference: sch 1 cl 23CB (pt 2/2)
Character Range: 18894–20160

debt of $1,500 on 31 March 2020. She made a voluntary repayment of $525 on 1 May 2021. Lorraine lodged her 2019‑20 income tax return and a compulsory VETSL repayment amount of $3,000 was assessed and notified on her income tax notice of assessment on 3 September 2020.
 To work out Lorraine's former accumulated VETSL debt before indexation on 1 June 2021:
Step 1: Take the previous accumulated VETSL debt of $15,000 on 1 June 2020.
Step 2: Add the VETSL debt of $1,500 incurred on 31 March 2020.
Step 3: Subtract the $525 voluntary repayment made on 1 May 2021.
Step 4: Subtract the $3,000 compulsory repayment assessed on 3 September 2020.
Step 5: Does not apply because since 1 June 2020 Lorraine had no amendments to any assessment.
Step 6: Does not apply because since 1 June 2020 Lorraine had no amendments to any assessment.
 Lorraine's former accumulated VETSL debt before indexation on 1 June 2021 is:

 If, for example, the indexation factor for 1 June 2021 were 1.030, then the former accumulated VETSL debt would be:

 (2) For the purposes of this section, an assessment, or an amendment of an assessment, is taken to have been made on the day specified in the notice of assessment, or notice of amended assessment, as the date of issue of that notice.