Document ID: chunk:federal_register_of_legislation:C2011A00178:clause:3_1
Version: federal_register_of_legislation:C2011A00178
Segment Type: clause
Provision Reference: sch 3 cl 1
Character Range: 5609–6938

1  Subsection 140‑5(1) (example)
Repeal the example, substitute:
Example: Lorraine is studying part‑time for a Degree of Bachelor of Communications. On 1 June 2011, Lorraine had an accumulated HELP debt of $15,000. She incurred a HELP debt of $1,500 on 31 March 2011. She made a voluntary repayment of $525 (which includes a voluntary repayment bonus of $25) on 1 May 2012. Lorraine lodged her 2010‑11 income tax return and a compulsory repayment amount of $3,000 was assessed and notified on her income tax notice of assessment on 3 September 2011.
 To work out Lorraine's former accumulated HELP debt before indexation on 1 June 2012:
Step 1: Take the previous accumulated HELP debt of $15,000 on 1 June 2011.
Step 2: Add the HELP debt of $1,500 incurred on 31 March 2011.
Step 3: Subtract the $525 voluntary repayment made on 1 May 2012.
Step 4: Subtract the $3,000 compulsory repayment assessed on 3 September 2011.
Step 4A: Does not apply because Lorraine does not satisfy the eligibility requirements for the HECS‑HELP benefit.
Steps 5 and 6: Do not apply because since 1 June 2011 Lorraine had no amendments to any assessment.
 Lorraine's former accumulated HELP debt before indexation on 1 June 2012 is:
 If, for example, the indexation factor for 1 June 2012 were 1.030, then the former accumulated HELP debt would be: