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Student Loan Scheme Act 2011

Repayment obligations of borrowers - Repayment obligations for New Zealand-based borrowers with income other than, or as well as, salary or wages

72: Application of this subpart

You could also call this:

"This part explains who needs to repay student loans"

This part of the law applies to you if you are a New Zealand-based borrower who is not a new borrower. It covers two main groups:

  1. You are included if you earn $500 or more in adjusted net income in a tax year. Your total income from adjusted net income and wages (if any) must be at least $500 more than the yearly repayment threshold.

  2. If you don't fit into the first group, you're still included if either:

    • You had to make interim payments for that tax year, or
    • You received a default assessment for an end-of-year repayment obligation under section 106 of the Tax Administration Act 1994 for that tax year.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM3180162.

Topics:
Education and learning > Higher educationMoney and consumer rights > Banking and loans
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71: Salary or wage deductions in addition to income tax withheld, or

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73: Meaning of adjusted net income, Schedule 3 adjustments, and related terms, or

"Explaining how your income is calculated for student loan repayments"

Part 2Repayment obligations of borrowers
Repayment obligations for New Zealand-based borrowers with income other than, or as well as, salary or wages

72Application of this subpart

  1. This subpart applies to the following New Zealand-based borrowers, other than new borrowers:

  2. borrowers who derive $500 or more of adjusted net income for a tax year and who have income from adjusted net income and salary or wages (if any) for that tax year of $500 or more above the annual repayment threshold:
    1. borrowers to whom paragraph (a) does not apply in relation to a tax year and who—
      1. have been required to pay interim payments for that tax year; or
        1. have been issued a default assessment for an end-of-year repayment obligation under section 106 of the Tax Administration Act 1994 for that tax year.

        Notes
        • Section 72: replaced (with effect on 1 April 2012 and applying for 2012–13 and later tax years), on , by section 14 of the Student Loan Scheme Amendment Act 2013 (2013 No 10).
        • Section 72(a): amended, on , by section 58 of the Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 (2020 No 5).