Student Loan Scheme Amendment Bill (No 2)

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Hon Peter Dunne

Student Loan Scheme Amendment Bill (No 2)

Government Bill

56—2

As reported from the Finance and Expenditure Committee

Contents

Commentary

Key

1 Title

2 Commencement

Part 1
Amendments to principal Act

3 Principal Act

4 Application of provisions deemed to have come into force on 1 April 2012

5 Section 2 amended (Commencement)

6 Section 4 amended (Interpretation)

7 Section 5 amended (Meaning of unpaid amount)

7A New section 8A inserted (Application of provisions of Act)

8 Section 15 amended (Right to cancel loan contract)

9 Section 28 amended (Borrower to notify Commissioner of absence from New Zealand of 184 or more days)

10 Section 31 amended (Repayment obligations that apply to New Zealand-based borrowers and overseas-based borrowers)

11 Section 32 amended (Interrelationship between subparts 1 to 3)

12 Section 67 amended (Procedure if significant over-deduction made)

13 Subparts 2 and 3 of Part 2 replaced

14 Section 110 amended (Repayment obligations of overseas-based borrowers)

15 Section 111 amended (Exceptions to repayment obligations of overseas-based borrowers)

16 Section 112 amended (Repayment to be made by instalments)

17 Section 114 amended (Notification of worldwide income by New Zealand-based non-resident borrowers)

18 Section 115 amended (Repayment obligations of borrowers who are overseas-based for part of tax year)

19 New section 115A inserted (Reassessment of overseas-based borrower's repayment obligation in year of return to New Zealand)

20 Section 120 amended (Commissioner must notify borrower of excess repayment)

21 Section 132 amended (Borrower may receive refund or apply excess repayment to future repayment obligations)

21A Section 134 amended (Loan interest charged for all borrowers)

22 Section 144 amended (Power of Commissioner in relation to small amounts)

23 Section 154 amended (Application for instalment arrangement)

24 Section 155 amended (Late filing penalty for certain declarations)

25 Section 156 amended (Due dates for payment of late filing penalty)

25A Section 160 replaced (Notification of student loan shortfall penalty)

26 Section 161 amended (Student loan shortfall penalty reduced or removed to reflect change to shortfall penalty)

27 Cross-heading above section 174 replaced

28 New section 174A inserted (Part 8A of Tax Administration Act 1994 applies to challenges under this Act)

29 New section 182A inserted (Challenge to decision concerning repayment holiday)

30 Section 188 repealed (Commissioner's decision on challenges)

31 Section 191 amended (Limit on repayment obligation for pay period or tax year)

32 New section 193C inserted (Changes relating to contact details of borrower)

33 Section 204 amended (Commissioner may exercise rights in loan contracts to recall loans)

34 Section 208 amended (Disclosure of information between Inland Revenue Department and New Zealand Customs Service for information-matching purposes)

35 Section 215 amended (Regulations)

35A New section 220 replaced (Savings and transitional provisions)

36 Section 221 repealed (Amendments to this Act)

37 Schedule 3 repealed

38 Schedule 4 replaced

39 Schedule 6 amended

40 Schedule 7 repealed

41 Consequential amendments to principal Act

Amendments to other Acts

42 Accident Compensation Act 2001 amended

43 Customs and Excise Act 1996 amended

44 Section 280G amended (Defined terms for sections 280H and 280I)

45 Section 280H amended (Disclosure of arrival and departure information for purposes of Student Loan Scheme Act 2011)

46 Section 280I amended (Direct access to arrival and departure information for purposes of Student Loan Scheme Act 2011)

47 Privacy Act 1993 amended

48 Student Loan Scheme Amendment Act 2012 amended

49 Tax Administration Act 1994 amended

Revocation

49A Revocation

Part 2
Amendments to principal Act that apply for 2013–2014 and later tax years

50 Section 4 amended (Interpretation)

51 Section 5 amended (Meaning of unpaid amount)

52 Section 117 repealed (Overseas-based borrower's standard and Commissioner deductions satisfy overseas-based repayment obligation)

53 Section 119 amended (meaning of excess repayment)

53 Section 119 replaced (Meaning of excess repayment)

54 Sections 134 to 137 and cross-heading replaced

55 Section 139 amended (Late payment interest charged on unpaid amount)

56 Section 141 replaced (Monthly late payment interest written off if instalment arrangement complied with)

56A Section 145 amended (Application of different types of relief for borrower)

57 Section 146 replaced (Commissioner may grant relief from late payment interest)

57A New section 146A and cross-heading inserted

57B Section 147 amended (Hardship relief for any tax year)

57C Section 159 amended (Commissioner may impose loan shortfall penalties)

58 New section 161A and cross-heading inserted

59 Section 194 replaced (Order in which salary or wage deductions and payments offset against borrower's consolidated loan balance)

59 Section 194 amended (Order in which salary or wage deduction offset against borrower's consolidated loan balance)

59A Section 196 amended (Cancellation of interest if consolidated loan balance repaid early)

60 Section 197 replaced (Write-off of consolidated loan balance)

61 Section 219 repealed (Early applications and issues of certificates for transition to this Act)

62 Schedule 6 amended

62A Schedule 7 repealed

Part 3
Amendments to principal Act that apply for 2014–2015 and later tax years

Amendments relating to meaning of adjusted net income

63 Section 4 amended (Interpretation)

64 Section 73 replaced (Meaning of adjusted net income)

65 Amendments consequential on repeal of definitions of annual gross income and annual total deduction

66 New Schedule 3 inserted

Amendments relating to repeal of provisions on 10% bonus

67 Section 111 amended (Exceptions to repayment obligations of overseas-based borrowers)

68 Student Loan Scheme (Budget Measures) Amendment Act 2012 consequentially amended

Schedule 1
Consequential amendments to principal Act

Schedule 2
Schedule 4 replaced

Schedule 3
New Schedule 3 inserted

Legislative history


The Parliament of New Zealand enacts as follows: