Document ID: chunk:federal_register_of_legislation:F2024L01632:reg:5
Version: federal_register_of_legislation:F2024L01632
Segment Type: reg
Provision Reference: reg 5
Character Range: 4719–5673

5  Transitional rules for the recalculation of debts or amounts owing where a person received a waiver or partial waiver of that debt or amount
 (1) This section is made for the purposes of subitems 1(1) and 1(3) of Schedule 6 to the Act and subitems 56(3), 59(3), 62(3), 65(3) and 68(3) of Schedule 1 to the Act.
 (2) If a person had a relevant waiver in relation to a relevant amount and the financial year ending on 30 June 2023 or the financial year ending on 30 June 2024, the person's recalculated relevant amount for the financial year is given by:
 (a) if, for the financial year, :

 (b) if, for the financial year, :

where:
RAre-calc is the person's recalculated relevant amount for the financial year.
 (3) If the person had a relevant waiver in relation to the financial year ending on 30 June 2023 and the financial year ending on 30 June 2024, this section is to be applied first in relation to the financial year ending on 30 June 2023.