(1) Where for any tax year a borrower has—
the Commissioner shall—
(f) credit the amount so deducted or paid in excess, so far as it extends, to any repayment obligation or instalment of an interim repayment for any other tax year or any other amount that has become due and payable that the borrower has failed to pay in the order in which that repayment obligation or instalment of an interim repayment obligation or other amount became due and apply any amount not so credited in accordance with either subsection (1A) or (1B).
(1A) A borrower may elect that the whole or part of the amount not credited—
(1B) Where a borrower does not make an election, the Commissioner must apply the amount not credited to the loan balance.
(2) Any election under subsection (1A)(b) shall be irrevocable.
(2A) Where a borrower has not made an election, the borrower may request the Commissioner, within 6 months of the date on which the Commissioner issued the notice of assessment that showed the amount applied to the loan balance, to refund, in whole or in part, the amount so credited.
(2B) A refund that is made under this section must comply with section 184A of the Tax Administration Act 1994.
(3) Notwithstanding subsection (1), no refund shall be made under this section after the expiry of the period of 8 years immediately after the end of the year in which the assessment was made or, in any case where the original assessment has been altered (whether once or more than once) after the end of the year in which the original assessment was made, unless written application for the refund is made by or on behalf of the borrower before the expiry of that period.
Compare: 1976 No 65 s 409(1)
Section 56 heading: amended, on 7 March 2010, by section 23 of the Student Loan Scheme (Exemptions and Miscellaneous Provisions) Amendment Act 2010 (2010 No 3).
Section 56(1): amended, on 1 April 2005 (effective for 2005–06 tax year and later tax years, except when the context requires otherwise), by section YA 2 of the Income Tax Act 2004 (2004 No 35).
Section 56(1)(a): amended, on 1 April 2005 (effective for 2005–06 tax year and later tax years, except when the context requires otherwise), by section YA 2 of the Income Tax Act 2004 (2004 No 35).
Section 56(1)(b): amended, on 1 April 2005 (effective for 2005–06 tax year and later tax years, except when the context requires otherwise), by section YA 2 of the Income Tax Act 2004 (2004 No 35).
Section 56(1)(d): amended, on 1 April 2005 (effective for 2005–06 tax year and later tax years, except when the context requires otherwise), by section YA 2 of the Income Tax Act 2004 (2004 No 35).
Section 56(1)(f): amended, on 1 April 2005 (effective for 2005–06 tax year and later tax years, except when the context requires otherwise), by section YA 2 of the Income Tax Act 2004 (2004 No 35).
Section 56(1)(f): amended, on 27 March 1998 (applying to an overpayment arising on or after 1 April 1998), by section 2(1) of the Student Loan Scheme Amendment Act 1998 (1998 No 8).
Section 56(1)(g): repealed, on 27 March 1998 (applying to an overpayment arising on or after 1 April 1998), by section 2(2) of the Student Loan Scheme Amendment Act 1998 (1998 No 8).
Section 56(1A): inserted, on 27 March 1998 (applying to an overpayment arising on or after 1 April 1998), by section 2(3) of the Student Loan Scheme Amendment Act 1998 (1998 No 8).
Section 56(1B): inserted, on 27 March 1998 (applying to an overpayment arising on or after 1 April 1998), by section 2(3) of the Student Loan Scheme Amendment Act 1998 (1998 No 8).
Section 56(2): amended, on 27 March 1998 (applying to an overpayment arising on or after 1 April 1998), by section 2(4) of the Student Loan Scheme Amendment Act 1998 (1998 No 8).
Section 56(2A): inserted, on 27 March 1998 (applying to an overpayment arising on or after 1 April 1998), by section 2(5) of the Student Loan Scheme Amendment Act 1998 (1998 No 8).
Section 56(2B): inserted, on 20 May 1999 (applying to amounts paid in excess of borrowers' repayment obligations that arise on and after 1 April 2000), by section 4(1) of the Student Loan Scheme Amendment Act 1999 (1999 No 60).