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Section : 6M Meaning of credit and amount of credit
Domain : Human Resource Management
Classification : Not Identified
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- (1) Credit is a contract, arrangement or understanding under which:
- (a) payment of a debt owed by one person to another person is deferred; or
- (b) one person incurs a debt to another person and defers the payment of the debt.
- (2) The amount of credit is the amount of the debt that is actually deferred, or that may be deferred, but does not include any fees or charges payable in connection with the deferral of the debt. Compilation date: 11/12/2024