Commonwealth Numbered Acts

STUDENT ASSISTANCE AMENDMENT ACT 1992 No. 138, 1992 - SECT 4

4.(1) Section 3 of the Principal Act is amended by omitting from the
definition of "officer" in subsection (1) "55A" and substituting "55B".

(2) Section 3 of the Principal Act is amended by omitting from subsection
(1) the definition of "student assistance overpayment" and substituting the
following definition:

" 'student assistance overpayment' means:

   (a)  an amount paid under the AUSTUDY scheme that should not have been
        paid; or

   (b)  a debt due by a person other than a financial corporation to the
        Commonwealth under paragraph 12S(2)(d) or 12U(2)(c);".

(3) Section 3 of the Principal Act is amended by inserting in subsection (1)
the following definitions:

" 'accumulated FS debt' has the meaning given by subsection 12ZF(2) or (3);
'actual repayments', in relation to financial supplement, at a particular
time, means the sum of the amounts actually repaid in respect of the financial
supplement before that time;
'adjustedparental income', for the purposes of Part 4A, has the meaning given
by the regulations;
'amount notionally repaid', in relation to financial supplement, has the
meaning given by subparagraph 12ZA(10)(b)(ii);
'amount outstanding', in relation to a financial supplement contract, has the
meaning given by section 12X;
'Commissioner' means the Commissioner of Taxation;
'contract period', in relation to a financial supplement contract, means the
period beginning when the contract was entered into and ending on 31 May in
the year in which the last of the periods of 12 months referred to in
paragraph 12X(3)(b) ends;
'discount', in relation to a repayment of an amount of financial supplement,
has the meaning given by section 12ZA;
'eligible student', for the purposes of Part 4A, has the meaning given by
section 12C;
'FS assessment debt' means an amount that is required to be paid in respect of
an accumulated FS debt under section 12ZK and is included in a notice of an
assessment made under section 12ZM;
'FS debt' has the meaning given by subsection 12ZF(1);
'financial corporation' means:

   (a)  a foreign corporation within the meaning of paragraph 51(xx) of the
        Constitution whose sole or principal business activities in Australia
        are the borrowing of money and the provision of finance; or

   (b)  a financial corporation within the meaning of that paragraph; and
        includes a bank;
'financial supplement' means a loan made by a participating corporation under
a financial supplement contract to the other party to the contract;
'financial supplement contract' means a contract in force as provided by
subsection 12K(2);
'Fund' means the Students (Financial Supplement) Trust Fund established by
section 12M;
'index number', in relation to a quarter, means the All Groups Consumer Price
Index number, being the weighted average of the 8 capital cities, published by
the Australian Statistician in respect of that quarter;
'indexation amount', in relation to a financial supplement contract, has the
meaning given by section 12Y;
'notional repayments', in relation to financial supplement, at a particular
time, means the sum of the amounts notionally repaid in respect of the
financial supplement before that time;
'office', in relation to a financial corporation, has the meaning given by the
regulations;
'participating corporation' has the meaning given by subsection 12D(2);
'prescribed benefit', for the purposes of Part 4A, in relation to the AUSTUDY
scheme or the ABSTUDY scheme, means a benefit under the scheme concerned that
is declared by the regulations to be a prescribed benefit for the purposes of
that Part;
'principal sum', in relation to a financial supplement contract, at a
particular time, means the total of the amounts of financial supplement paid
under the contract before that time by the relevant participating corporation
to the other party to the contract;
'student', in Part 4A, has a meaning affected by subsection 12B(2);
'Student Financial Supplement Scheme' means the scheme constituted by Part 4A
for the payment of financial supplement to students;
'subsidy' means subsidy under an agreement referred to in section 12D;
'termination date', in relation to a financial supplement contract, means the
last day of the contract period;
'year' means a calendar year.".