Notification period for significant over-deductions

2012 amendment to the notification period in which borrowers can request the CIR investigate whether a significant over-deduction has occurred.

Section 65(2)

The provision enabling borrowers to request that the Commissioner investigate whether a significant over-deduction has occurred has been amended. The change ensures that the borrower has six months from the date the over-deduction occurred to request the Commissioner investigate the over-deductions. Previously the legislation incorrectly gave the borrower six months from the date they identified the error to request that the Commissioner investigate.

Application date

The amendment applies from 1 April 2012.