Document ID: chunk:federal_register_of_legislation:C2025C00163:section:12zg
Version: federal_register_of_legislation:C2025C00163
Segment Type: section
Provision Reference: s 12ZG
Character Range: 114171–114910

12ZG  Accumulated FS debt discharges earlier debts
 (1) Subject to subsection (2), an accumulated FS debt that a person incurs on 1 June in a year (the relevant date):
 (a) discharges, or discharges the unpaid part of:
 (i) any accumulated FS debt of the person that the person incurred on the immediately preceding 1 June; and
 (ii) any FS debt that was incurred by the person on the relevant date; and
 (b) discharges the liability of the person to pay the amount outstanding immediately before the relevant date under the financial supplement contract in relation to which any FS debt referred to in subparagraph (a)(ii) was incurred.
 (2) For the purpose of applying section 12ZF, subsection (1) of this section is to be disregarded.