Document ID: chunk:federal_register_of_legislation:C2011A00178:clause:3_3
Version: federal_register_of_legislation:C2011A00178
Segment Type: clause
Provision Reference: sch 3 cl 3
Character Range: 7003–7880

3  Subsections 151‑5(2) and (3)
Repeal the subsections, substitute:

Total debt paid off
 (2) The debtor is taken to pay off the total debt if the payment in respect of the debt is equal to, or exceeds, an amount worked out as follows:
Example: The total of Andrew's HELP debts and accumulated HELP debt is $2,500. To pay off his debt to the Commonwealth he only needs to repay $2,380 ($2,500 divided by 1.05 is $2,380, rounding down to the nearest dollar).

Part of debt paid off
 (3) If the debtor is not taken to pay off the total debt, the outstanding amount of the debt is to be reduced by an amount worked out as follows:
Example: The total of Helen's HELP debts and accumulated HELP debt is $4,500. She makes a voluntary repayment of $1,500. With a 5% bonus, the value of her repayment is $1575. The total amount that she owes to the Commonwealth is reduced to $2,925.