Document ID: chunk:federal_register_of_legislation:C2025C00125:section:106pa
Version: federal_register_of_legislation:C2025C00125
Segment Type: section
Provision Reference: s 106PA
Character Range: 226420–227708

106PA  Repayment of debt under this Chapter
 (1) This section applies in relation to the repayment of any debt under this Chapter other than an HEC assessment debt.
 (3) The debtor is taken to pay off the total debt if he or she pays in respect of the debt an amount worked out by using the formula:

 (4) Subject to subsection (5), if a person pays an amount of $500 or more in part settlement of a debt, the outstanding amount of the debt is to be reduced by the amount worked out by using the formula:

Example: If a person owes a semester debt of $1,700, and the person makes a payment of $600, the debt is to be reduced by an amount of $660 (i.e. $600 x 1.1), leaving a balance of $1,040 ($1,700 – $660) to be paid.
 (5) Subsections (3) and (4) do not apply in respect of a payment in respect of a debt if, in addition to that debt, the debtor owes an HEC assessment debt to the Commonwealth.
 (6) If an amount worked out by using the formula in subsection (3) or (4) is an amount made up of a number of dollars and cents, then:
 (a) if the amount of cents in the amount is 50—the amount is to be rounded up to the nearest dollar; and
 (b) in any other case—the amount is to be rounded up or down to the nearest dollar.

Division 1A—Voluntary repayments of accumulated HEC debt