Hon Peter Dunne
Government Bill
326—3
As reported from the committee of the whole House
Key
1 Title
2 Commencement
Part 1Amendments 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
16A Loan manager must notify Commissioner of any details held about borrower’s contact person
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
“SL”
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
73 Meaning of net pre-taxed income
14 New section 88A inserted
88A Meaning of adjusted net income
15 New sections 90 and 91 substituted
90 Calculation of borrower's other income repayment obligation where salary or wages below threshold
91 Calculation of borrower's other income repayment obligation where salary or wages equal to or above threshold
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16 Heading and sections 101 to 104 repealed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
106 Meaning of repayment holiday
Repayment holiday from overseas-based repayment obligations
107 Borrowers who intend to be overseas-based may apply for repayment holidays
107A Contact person to be nominated
107B Grant of repayment holiday
108 Duration of repayment holiday
108A Borrowers who have had, or are having, repayment holidays under Student Loan Scheme Act 1992
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
114A Extension of time for making notification of worldwide income
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
193A Contact person may be requested to assist
193B Changes relating to identity and details of contact person
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
11 Certain exempt borrowers must notify Commissioner of their worldwide income
30C Schedule 2 amended
30D Schedule 5 amended
31 Schedule 6 amended
32 Schedule 7 amended
1AA Interpretation
2 Overseas-based borrower's standard and Commissioner deductions satisfy overseas-based repayment obligation
4A Transitional provisions relating to late payment interest
33 Schedule 9 amended
Part 2Transitional provision
34 Transitional provision
Legislative history
The Parliament of New Zealand enacts as follows: