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Student Loan Scheme Act 2011

Repayment obligations of borrowers - New Zealand-based borrowers' repayment obligations for salary or wages - Exemption from standard deductions for borrowers who are full-time students

60: When exemption from standard deductions ceases to apply

You could also call this:

“When you can't be exempt from student loan deductions anymore”

Section 57 stops applying to you when certain things happen. This means you can’t be exempt from standard deductions anymore. Here are the reasons this can happen:

When the time period for your exemption ends. This date is written on a notice you received earlier.

If you decide to take back your declaration. You can do this using Section 58.

If your situation changes and you tell the Commissioner about it. You need to do this following Section 59(1) and (3).

If your situation changes and the Commissioner tells you about it. They will do this following Section 59(2) and (3).

When Section 57 stops applying to you, two things happen:

You will now have a repayment code of ‘SL’ or ‘TTC’ on your income.

Sections 34 to 37 and 40 now apply to you. These sections have rules about repaying your student loan.

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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=DLM3180145.

Topics:
Education and learning > Higher education Money and consumer rights > Banking and loans
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"Tell IRD and your boss if something changes with your student loan"

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61: Information to show salary or wage deductions made, or

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Part 2 Repayment obligations of borrowers
New Zealand-based borrowers' repayment obligations for salary or wages: Exemption from standard deductions for borrowers who are full-time students

60When exemption from standard deductions ceases to apply

  1. Section 57 ceases to apply in relation to a borrower from the earliest of the following:

  2. the end of the exemption period specified in the notice issued in accordance with section 56(b):
    1. the date on which the borrower withdraws his or her declaration in accordance with section 58:
      1. the date of a change of circumstances as notified to the Commissioner by the borrower under section 59(1) and (3):
        1. the date of a change of circumstances as notified to the borrower by the Commissioner under section 59(2) and (3).

          1. From the date on which section 57 ceases to apply in relation to a borrower,—

          2. the repayment code SL or TTC, as applicable, applies to the borrower; and
            1. sections 34 to 37 and 40 apply in relation to the borrower.

              Notes
              • Section 60(2)(a): amended, on , by section 332 of the Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 (2019 No 5).