Student Loan Scheme Amendment Act 2012

Reprint as at 1 April 2014

Student Loan Scheme Amendment Act 2012

Public Act2012 No 32
Date of assent11 April 2012
Commencementsee section 2

Note

Changes authorised by subpart 2 of Part 2 of the Legislation Act 2012 have been made in this official reprint.

Note 4 at the end of this reprint provides a list of the amendments incorporated.

This Act is administered by the Inland Revenue Department.


Contents

1 Title

2 Commencement

Part 1
Amendments to principal Act

3 Principal Act amended

4 Purposes of Act

5 Interpretation

6 Certain information must be disclosed in loan contract

7 New section 16A inserted

8 Commissioner may treat certain borrowers as being physically in New Zealand

9 Repayment codes for New Zealand-based borrowers who derive salary or wages

10 Borrowers with SL repayment code must notify employers

11 Employer or PAYE intermediary must make standard deductions from salary or wages

12 Deduction rates that apply to standard deductions from salary or wages

13 Employer or PAYE intermediary must make Commissioner deductions from salary or wages

14 Employer or PAYE intermediary must make borrower deductions from salary or wages

15 Deductions from income-tested benefits

16 Application for unused repayment threshold to be allocated to secondary employment earnings

17 Special deduction rate certificate for unused repayment threshold

18 Issue and application of special deduction rate certificate

19 Commissioner must issue additional deduction rate notice to obtain Commissioner deductions

20 Procedures for issue of additional deduction rate notice

21 Assessment of standard deductions that ought to have been made

22 Borrowers who are eligible for exemption from standard deductions

23 Significant over-deduction identified by borrower

24 Procedure if significant over-deduction made

25 New section 73 substituted

26 New section 88A inserted

27 New sections 90 and 91 substituted

28 Due dates for payment of remaining repayments

29 Heading and sections 101 to 104 repealed

30 New sections 106 to 108A and heading substituted

31 Repayment obligations of overseas-based borrowers

32 Exceptions to repayment obligations of overseas-based borrowers [Repealed]

33 Repayment to be made by instalments

34 New section 114A inserted

35 Repayment obligations of borrowers who are overseas-based for part of tax year

36 Overseas-based borrower's standard and Commissioner deductions satisfy overseas-based repayment obligation

37 Interpretation [Repealed]

38 Meaning of excess repayment

39 Section 125 repealed [Repealed]

40 Consequences of refund or credit to next tax year [Repealed]

41 Loan interest calculated daily and charged and compounded annually

42 Commissioner may grant relief from late payment interest

43 Special deduction rate certificate for hardship relief

44 Issue and application of special deduction rate certificate

45 Late filing penalty for certain declarations

46 Due dates for payment of late filing penalty

47 Annual administration fee

48 New sections 193A and 193B inserted

49 Date on which salary or wage deductions and payments treated as being made and credited

50 Cancellation of loan interest if consolidated loan balance repaid early

51 Early applications and issue of certificates for transition to this Act

52 Amendments to this Act

53 Schedule 1 amended

54 Schedule 2 amended

55 Schedule 5 amended

56 Schedule 6 amended

57 Schedule 7 amended [Repealed]

58 Schedule 9 amended

Part 2
Transitional provision

[Repealed]

59 Transitional provision [Repealed]

Reprint notes


The Parliament of New Zealand enacts as follows: