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Brief
The Australian Apprenticeship Support Loans Act 2014 is an Act that provides for income-contingent loans for certain apprentices. The Act aims to support apprentices who are undertaking qualifying apprenticeships, which lead to occupations or qualifications specified on the Australian Apprenticeships Priority List.
To receive an Australian apprenticeship support loan, a person must meet certain requirements, including being an Australian resident, undertaking a qualifying apprenticeship, and having notified the Secretary of their tax file number. The Act also provides for a lifetime limit on the total amount that can be borrowed under this Act.
The repayment terms for Australian apprenticeship support loans are tied to the recipient's income, with repayments made through the tax system when the person's income reaches a certain threshold. The Act also includes provisions for handling debts and overpayments.
Key features of the Act include:
- Income-contingent loan scheme
- Qualifying apprenticeships
- Lifetime limit on borrowing
- Repayment terms tied to income
- Provisions for handling debts and overpayments
Overall, the Australian Apprenticeship Support Loans Act 2014 aims to support apprentices who are undertaking qualifying apprenticeships by providing income-contingent loans that can be repaid when their income reaches a certain threshold.
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