Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) For the purposes of subsection 133CC(1) of the Act, this regulation prescribes a requirement for repayments that would be required under a small amount credit contract with a consumer who would be the debtor under the contract.
(2) The requirement for a repayment that would be required during a repayment period under such a contract with a consumer is that the sum of:
(a) the amount of the repayment; and
(b) any other amounts the consumer is required to pay under any other small amount credit contracts during the repayment period;
would be equal to or less than 10% of the available income the consumer is reasonably expected to receive during the repayment period.
(3) In this regulation:
"available income" , for a consumer, means the consumer's income less any amount required to be withheld under Part 2 - 5 in Schedule 1 to the Taxation Administration Act 1953 (Pay as you go (PAYG) withholding).
"income" means income within the ordinary meaning of that expression.
"repayment period" : each of the following is a repayment period in relation to a small amount credit contract:
(a) the period:
(i) starting on the day the contract is entered into; and
(ii) ending on the first repayment date in relation to the contract;
(b) a period:
(i) starting on the day after a repayment date in relation to the contract; and
(ii) ending on the subsequent repayment date in relation to the contract.