Hon Peter Dunne
Government Bill
59—1
Explanatory note
1 Title
2 Commencement
3 Principal Act amended
Part 1Amendments to principal Act
4 Interpretation
5 Repayment obligation for New Zealand based borrowers
6 Employer or PAYE intermediary to make repayment deductions
7 New section 20A inserted
20A Standard deduction rate may be increased in certain circumstances
8 Full interest write-off for certain borrowers
9 Full interest write-off ceases if borrower is personally absent from New Zealand for 184 days
10 Power of Commissioner to grant exemptions to borrowers who do not satisfy 183-day requirement
11 Conditions to charitable organisation exemption
12 Conditions to marriage, civil union, or de facto exemption
13 New section 38AIA inserted
38AIA Conditions to Niue, Cook Islands, Tokelau, and Ross Dependency exemption
14 New section 38AJA inserted
38AJA Power of Commissioner to grant exemption to borrowers undertaking full-time overseas study under formal exchange programme or formal agreement
15 Terms of full interest write-off
16 New section 38AM inserted
38AM Full interest write-off for quick repayment of loan balance
17 Late payment penalties
18 Power of Commissioner in respect of small amounts
19 Borrowers may apply for hardship relief
20 Sections 55 to 55B substituted
55 Hardship relief for any tax year prior to current tax year
55A Hardship relief for tax year immediately prior to current tax year may include refund
55B Hardship relief for current tax year or next tax year
21 Effect of Commissioner's decision under section 55
22 Borrowers must inform Commissioner of change of circumstances and Commissioner may review
23 Excess repayments made by residents
24 Cancellation of interest if IRD loan balance repaid early
25 Objection to decision concerning grant of exemption
26 Regulations
Part 2Consequential amendments to, and revocations of, other enactments
Consequential amendments to other enactment
27 Amendments to Tax Administration Act 1994
28 Annual returns of income not required
29 Officers to maintain secrecy
Consequential revocations of other enactments
30 Student Loan Scheme (Income Amount for Full Interest Write-off) Regulations 2005 revoked
31 Student Loan Scheme (Interest Rates Formulas) Regulations 2006 revoked
32 Student Loan Scheme (Total Interest Rate) Regulations 2009 revoked
The Parliament of New Zealand enacts as follows: