Re-instatement of the under $20 obligation write-off

Section 144

The treatment of writing off small repayment obligation amounts previously provided under the Student Loan Scheme Act 1992 has been re-instated. Section 144 has been amended so that an amount of a repayment obligation (or part of a repayment obligation) of less than $20 that the Commissioner has refrained from collecting will be written-off rather than remaining part of the borrower's loan balance.

Application date

The amendments apply retrospectively from 1 April 2012, for the 2012-13 and later tax years.