Student Loan Scheme (Repayment Threshold) Regulations 2020

2020/299

Coat of Arms of New Zealand

Student Loan Scheme (Repayment Threshold) Regulations 2020

Patsy Reddy, Governor-General

Order in Council

At Wellington this 7th day of December 2020

Present:
Her Excellency the Governor-General in Council

These regulations are made under section 215(a) of the Student Loan Scheme Act 2011 on the advice and with the consent of the Executive Council.

Regulations

1 Title

These regulations are the Student Loan Scheme (Repayment Threshold) Regulations 2020.

2 Commencement

These regulations come into force on 1 April 2021.

3 Annual repayment threshold

The amount of the annual repayment threshold for the tax year commencing on 1 April 2021 and subsequent tax years is $20,280.

4 Revocation

The Student Loan Scheme (Repayment Threshold) Regulations 2019 (LI 2019/308) are revoked.

Michael Webster,
Clerk of the Executive Council.

Explanatory note

This note is not part of the regulations, but is intended to indicate their general effect.

These regulations, which come into force on 1 April 2021, increase the annual repayment threshold for the purposes of the Student Loan Scheme Act 2011 from $20,020 to $20,280.

These regulations also revoke the Student Loan Scheme (Repayment Threshold) Regulations 2019.

Issued under the authority of the Legislation Act 2012.

Date of notification in Gazette: 10 December 2020.

These regulations are administered by the Inland Revenue Department.