This Act is the Student Loan Scheme (Budget Measures) Amendment Act 2012.

(1) This Act comes into force on 1 April 2013, except as provided in this section.

(2) Sections 8 and 10(2) come into force on 1 April 2014.

This Act amends the Student Loan Scheme Act 2011 (the principal Act).

This Act amends the Student Loan Scheme Act 2011 to—

• (a) remove eligibility for, and entitlement to, a 10% bonus (a reduction in the loan balance by an amount equal to 10% of a borrower's excess repayment for the relevant tax year) in respect of an excess repayment made for the borrower for the 2013–14 or a later tax year; but

• (b) ensure an excess repayment bonus from an excess repayment by payments made for the 2012–13 tax year is determined and credited under the provisions that this Act repeals on 1 April 2013 for later tax years; and

• (c) ensure a borrower's overseas-based repayment obligation for the 2013–14 tax year is assessed taking into account any 2012–13 tax year excess repayment bonus of the borrower.

(1) Repeal section 118.

(2) Subsection (1) applies for the 2013–14 and later tax years.

(1) In section 121, repeal subsections (1)(a) and (2)(a).

(2) Subsection (1) applies for the 2013–14 and later tax years.

(1) In Part 3, repeal subpart 1.

(2) Subsection (1) applies for the 2013–14 and later tax years.

(1) In section 110(6)(b)(ii), delete “; and”.

(2) In section 110(6)(b), repeal subparagraph (iii).

(3) Subsections (1) and (2) apply for the 2014–15 and later tax years.

(1) This section amends the Student Loan Scheme Amendment Act 2012.

(2) Repeal sections 31(2) and 32.

(3) Repeal sections 37, 39, and 40.