Document ID: chunk:federal_register_of_legislation:C2025C00140:clause:1_4:p64
Version: federal_register_of_legislation:C2025C00140
Segment Type: clause
Provision Reference: sch 1 cl 4 (pt 64/67)
Character Range: 444728–447367

Application of voluntary repayments
 (1) Any money a person pays under this Division to meet the person's debts to the Commonwealth under this Chapter is to be applied in payment of those debts as the person directs at the time of the payment.
 (2) If the person has not given any directions, or the directions given do not adequately deal with the matter, any money available is to be applied as follows:
 (a) first, in discharge or reduction of any *accumulated HELP debt of the person;
 (b) secondly, in discharge or reduction of:
 (i) any *HELP debt of the person; or
 (ii) if there is more than one such debt, those debts in the order in which they were incurred.

151‑15  Refunding of payments
  If:
 (a) a person pays an amount to the Commonwealth under this Division; and
 (b) the amount exceeds the sum of:
 (i) the amount required to discharge the total debt that the person owed to the Commonwealth under this Chapter; and
 (ii) the total amount of the person's primary tax debts (within the meaning of Part IIB of the Taxation Administration Act 1953);
the Commonwealth must refund to the person an amount equal to that excess.
Note: Interest is payable if the Commonwealth is late in paying refunds: see Part IIIA of the Taxation (Interest on Overpayments and Early Payments) Act 1983.

Division 154—How is indebtedness compulsorily discharged?

Subdivision 154‑A—Liability to repay amounts

154‑1  Liability to repay amounts
 (1) If:
 (a) a person's *repayment income for an *income year exceeds the *minimum repayment income for the income year; and
 (b) on 1 June immediately preceding the making of an assessment in respect of the person's income of that income year, the person had an *accumulated HELP debt;
the person is liable to pay to the Commonwealth, in accordance with this Division, the amount worked out under section 154‑20 in reduction of the person's *repayable debt.
 (2) A person is not liable under this section to pay an amount for an *income year if, under section 8 of the Medicare Levy Act 1986:
 (a) no *Medicare levy is payable by the person on the person's *taxable income for the income year; or
 (b) the amount of the Medicare levy payable by the person on the person's taxable income for the income year is reduced.

154‑5  Repayment income
 (1) A person's repayment income for an *income year is an amount equal to the sum of:
 (a) the person's *taxable income for the income year, disregarding the person's assessable FHSS released amount (within the meaning of the Income Tax Assessment Act 1997) for the income year; and
 (b) the person's total net investment loss (within the meaning of the