Student Loan Scheme Amendment Act 2013

Reprint as at 8 March 2014

Coat of Arms of New Zealand

Student Loan Scheme Amendment Act 2013

Public Act
 
2013 No 10
Date of assent
 
29 March 2013
Commencement
 
see 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

1Title
2Commencement
3Principal Act
4Application of provisions deemed to have come into force on 1 April 2012
5Section 2 amended (Commencement)
6Section 4 amended (Interpretation)
7Section 5 amended (Meaning of unpaid amount)
8New section 8A inserted (Application of provisions of Act)
8AApplication of provisions of Act
9Section 15 amended (Right to cancel loan contract)
10Section 28 amended (Borrower to notify Commissioner of absence from New Zealand of 184 or more days)
11Section 31 amended (Repayment obligations that apply to New Zealand-based borrowers and overseas-based borrowers)
12Section 32 amended (Interrelationship between subparts 1 to 3)
13Section 67 amended (Procedure if significant over-deduction made)
14Subparts 2 and 3 of Part 2 replaced
72Application of this subpart
73Meaning of adjusted net income
74Declaration of adjusted net income
75Extension of time for making declaration of adjusted net income
76Commissioner to assess borrower’s end-of-year repayment obligation
76ACommissioner must assess borrowers to whom section 72(b) applies as having zero repayment obligation
77Calculation of borrower’s end-of-year repayment obligation if salary or wages less than annual repayment threshold
78Calculation of borrower’s end-of-year repayment obligation where salary or wages equal to or more than annual repayment threshold
79Payment of end-of-year repayment obligation
80Calculation of terminal payment for tax year
81Due date for terminal payment
82Calculation of interim payments for next tax year
83Commissioner may assess interim payments if information for preceding year not provided
84Due dates for payment of interim payments
85Commissioner’s powers in relation to due dates
86Interim payments to be paid in same manner as provisional tax
87Consequence of failure to meet repayment obligations
15Section 110 amended (Repayment obligations of overseas-based borrowers)
16Section 111 amended (Exceptions to repayment obligations of overseas-based borrowers)
17Section 112 amended (Repayment to be made by instalments)
18Section 114 amended (Notification of worldwide income by New Zealand-based non-resident borrowers)
19Section 115 amended (Repayment obligations of borrowers who are overseas-based for part of tax year)
20New section 115A inserted (Reassessment of overseas-based borrower’s repayment obligations in year of return to New Zealand)
115AReassessment of borrower’s overseas-based repayment obligations in year of return to New Zealand
21Section 120 amended (Commissioner must notify borrower of excess repayment)
22Section 132 amended (Borrower may receive refund or apply excess repayment to future repayment obligations)
23Section 134 amended (Loan interest charged for all borrowers)
24Section 144 amended (Power of Commissioner in relation to small amounts)
25Section 154 amended (Application for instalment arrangement)
26Section 155 amended (Late filing penalty for certain declarations)
27Section 156 amended (Due dates for payment of late filing penalty)
28Section 160 replaced (Notification of student loan shortfall penalty)
160Notification and payment obligations if Commissioner imposes student loan shortfall penalty
29Section 161 amended (Student loan shortfall penalty reduced or removed to reflect change to shortfall penalty)
30Cross-heading above section 174 replaced
31New section 174A inserted (Part 8A of Tax Administration Act 1994 applies to challenges under this Act)
174APart 8A of Tax Administration Act 1994 applies to challenges under this Act
32New section 182A inserted (Challenge to decision concerning repayment holiday)
182AChallenge to decision concerning repayment holiday
33Section 188 repealed (Commissioner’s decision on challenges)
34Section 191 amended (Limit on repayment obligation for pay period or tax year)
35New section 193C inserted (Changes relating to contact details of borrower)
193CChanges relating to contact details of borrower
36Section 204 amended (Commissioner may exercise rights in loan contracts to recall loans)
37Section 208 amended (Disclosure of information between Inland Revenue Department and New Zealand Customs Service for information-matching purposes)
38Section 215 amended (Regulations)
39New section 220 replaced (Savings and transitional provisions)
220Application, savings, and transitional provisions
40Section 221 repealed (Amendments to this Act)
41Schedule 3 repealed
42Schedule 4 replaced
43Schedule 6 amended
44Consequential amendments to principal Act
45Accident Compensation Act 2001 amended
46Customs and Excise Act 1996 amended
47Section 280G amended (Defined terms for sections 280H and 280I)
48Section 280H amended (Disclosure of arrival and departure information for purposes of Student Loan Scheme Act 2011)
49Section 280I amended (Direct access to arrival and departure information for purposes of Student Loan Scheme Act 2011)
50Privacy Act 1993 amended
51Student Loan Scheme Amendment Act 2012 amended
52Tax Administration Act 1994 amended
53Revocation
54Section 4 amended (Interpretation)
55Section 5 amended (Meaning of unpaid amount)
56Section 117 repealed (Overseas-based borrower’s standard and Commissioner deductions satisfy overseas-based repayment obligation)
57Section 119 replaced (Meaning of excess repayment)
119Meaning of excess repayment
58Section 139 amended (Late payment interest charged on unpaid amount)
59Section 141 replaced (Monthly late payment interest written off if instalment arrangement complied with)
141Late payment interest reduced if instalment arrangement complied with
60Section 145 amended (Application of different types of relief for borrower)
61Section 146 replaced (Commissioner may grant relief from late payment interest)
146Commissioner may grant relief from late payment interest
62New section 146A and cross-heading inserted
146ACommissioner may grant relief from penalties
63Section 147 amended (Hardship relief for any tax year)
64Section 159 amended (Commissioner may impose loan shortfall penalties)
65New section 161A and cross-heading inserted
161AUnderestimation penalty where interim payments underestimated as at last interim payment date
66Section 194 amended (Order in which salary or wage deduction offset against borrower’s consolidated loan balance)
67Section 196 amended (Cancellation of interest if consolidated loan balance repaid early)
68Section 197 replaced (Write-off of consolidated loan balance)
197Write-off of consolidated loan balance
69Section 219 repealed (Early applications and issues of certificates for transition to this Act)
70Schedule 7 repealed
71Section 4 amended (Interpretation)
72Section 73 replaced (Meaning of adjusted net income)
73Meaning of adjusted net income
73Amendments consequential on repeal of definitions of annual gross income and annual total deduction
74New Schedule 3 inserted
75Section 111 amended (Exceptions to repayment obligations of overseas-based borrowers)
76Student Loan Scheme (Budget Measures) Amendment Act 2012 consequentially amended
Reprint notes

The Parliament of New Zealand enacts as follows: