Student Loan Scheme Amendment Bill

  • enacted

Hon Peter Dunne

Student Loan Scheme Amendment Bill

Government Bill

326—3

As reported from the committee of the whole House

Contents

Key

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

7A Commissioner may treat certain borrowers as being physically in New Zealand

7B Repayment codes for New Zealand-based borrowers who derive salary or wages

7C Borrowers with SL repayment code must notify employers

7D Employer or PAYE intermediary must make standard deductions from salary or wages

7E Deduction rates that apply to standard deductions from salary or wages

7F Employer or PAYE intermediary must make Commissioner deductions from salary or wages

7G Employer or PAYE intermediary must make borrower deductions from salary or wages

7H Deductions from income-tested benefits

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

8A Special deduction rate certificate for unused repayment threshold

9  Issue and application of special deduction rate certificate

9A Commissioner must issue additional deduction rate notice to obtain Commissioner deductions

9B Procedures for issue of additional deduction rate notice

10  Assessment of standard deductions that ought to have been made

11  Borrowers who are eligible for exemption from standard deductions

11A Significant over-deduction identified by borrower

12  Procedure if significant over-deduction made

13  New section 73 substituted

14  New section 88A inserted

15  New sections 90 and 91 substituted

15A Due dates for payment of remaining repayments

16  Heading and sections 101 to 104 repealed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

18A Exceptions to repayment obligations of overseas-based borrowers

19  Repayment to be made by instalments

19A New section 114A inserted

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

20A Overseas-based borrower's standard and Commissioner deductions satisfy overseas-based repayment obligation

21  Interpretation

22  Meaning of excess repayment

23  Section 125 repealed

24  Consequences of refund or credit to next tax year

24A Loan interest calculated daily and charged and compounded annually

25  Commissioner may grant relief from late payment interest

25A Special deduction rate certificate for hardship relief

26  Issue and application of special deduction rate certificate

27  Late filing penalty for certain declarations

27A Due dates for payment of late filing penalty

28  Annual administration fee

29  New sections 193A and 193B inserted

29A Date on which salary or wage deductions and payments treated as being made and credited

29B Cancellation of loan interest if consolidated loan balance repaid early

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

30A Amendments to this Act

30B Schedule 1 amended

30C Schedule 2 amended

30D Schedule 5 amended

31  Schedule 6 amended

32  Schedule 7 amended

33  Schedule 9 amended

Part 2
Transitional provision

34  Transitional provision

Legislative history


The Parliament of New Zealand enacts as follows: