Student Loan Scheme Amendment Bill

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Hon Peter Dunne

Student Loan Scheme Amendment Bill

Government Bill



Explanatory note

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

9  Issue and application of special deduction rate certificate

10  Assessment of standard deductions that ought to have been made

11  Borrowers who are eligible for exemption from standard deductions

12  Procedure if significant over-deduction made

13  New section 73 substituted

14  New section 88A inserted

15  New sections 90 and 91 substituted

16  Heading and sections 101 to 104 repealed

17  New sections 106 to 108A and heading substituted

Repayment holiday from overseas-based repayment obligations

18  Repayment obligations of overseas-based borrowers

19  Repayment to be made by instalments

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

21  Interpretation

22  Meaning of excess repayment

23  Section 125 repealed

24  Consequences of refund or credit to next tax year

25  Commissioner may grant relief from late payment interest

26  Issue and application of special deduction rate certificate

27  Late filing penalty for certain declarations

28  Annual administration fee

29  New section 193A inserted

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

31  Schedule 6 amended

32  Schedule 7 amended

33  Schedule 9 amended

Part 2
Transitional provision and related amendments to Student Loan Scheme Act 1992

34  Transitional provision

35  Student Loan Scheme Act 1992

The Parliament of New Zealand enacts as follows: