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Student Loan Scheme Act 2011

Repayment obligations of borrowers - New Zealand-based borrowers' repayment obligations for salary or wages - Repayment codes

35: Borrowers with SL repayment code must notify employers

You could also call this:

"Tell your boss about your student loan when you start work"

If you have a student loan and your repayment code is 'SL', you need to tell your employer about it. You should do this in a way that the Commissioner of Inland Revenue finds acceptable.

You need to let your employer know as soon as you can after you start working for them or after you become someone with a student loan, whichever happens later. You also need to tell your employer if you used to have a 'TTC' repayment code, but it no longer applies to you.

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This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM3180102.

Topics:
Education and learning > Higher educationMoney and consumer rights > Banking and loans
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Part 2Repayment obligations of borrowers
New Zealand-based borrowers' repayment obligations for salary or wages: Repayment codes

35Borrowers with SL repayment code must notify employers

  1. A borrower whose repayment code is SL must notify his or her employer in a manner acceptable to the Commissioner.

  2. The borrower must notify his or her employer as soon as practicable—

  3. after the later of—
    1. the time at which the borrower becomes an employee of the employer; and
      1. the time at which the borrower becomes a borrower; and
      2. if an TTC repayment code ceases to apply to the borrower.

          Compare
          Notes
          • Section 35(2)(b): replaced (with effect on 1 April 2012), on , by section 10 of the Student Loan Scheme Amendment Act 2012 (2012 No 32).
          • Section 35(2)(b): amended, on , by section 329 of the Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 (2019 No 5).
          • Section 35(2)(c): repealed (with effect on 1 April 2012), on , by section 10 of the Student Loan Scheme Amendment Act 2012 (2012 No 32).