Document ID: chunk:federal_register_of_legislation:C2025C00163:section:12za:p2
Version: federal_register_of_legislation:C2025C00163
Segment Type: section
Provision Reference: s 12ZA (pt 2/2)
Character Range: 103345–105015

out using the formula:

 (8) If, apart from this subsection, an amount worked out under subsection (7) or (7A) would be an amount of dollars and cents, the amount is to be rounded to the nearest dollar (rounding 50 cents upwards).
 (9) If no indexation amount existed in relation to the contract immediately before the repayment is made, the student is taken to have repaid to the corporation in respect of the financial supplement an amount (the amount notionally repaid) equal to the discount.
 (10) If an indexation amount existed in relation to the contract immediately before the repayment is made:
 (a) if the discount is equal to or less than the indexation amount—the amount outstanding under the contract is taken to be reduced by the amount of the discount; or
 (b) if the discount exceeds the indexation amount:
 (i) the amount outstanding under the contract is taken to be reduced by the indexation amount; and
 (ii) the student is taken to have repaid to the corporation in respect of the financial supplement an amount (the amount notionally repaid) equal to the excess.
 (11) The Commonwealth is liable to pay to the corporation an amount equal to the amount notionally repaid.
 (12) If, after the making of the repayment mentioned in subsection (6), the sum of the actual repayments and the notional repayments is equal to or exceeds the principal sum:
 (a) the corporation's rights in respect of the student under the contract are assigned to the Commonwealth by force of this paragraph; and
 (b) if the sum of the actual repayments and the notional repayments exceeds the principal sum—the corporation is liable to pay the excess to the Commonwealth.