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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

74: Notification of Schedule 3 adjustments

You could also call this:

"Telling the government about changes to your income for your student loan"

You need to tell the Commissioner about any Schedule 3 adjustments if this part of the law applies to you, you have Schedule 3 adjustments to make, and you don't have to tell the Commissioner about them under section 114.

You must tell the Commissioner about these adjustments by 7 July in the year after you earned the adjusted income. But there are some exceptions:

If you got extra time to tell the Commissioner under section 75, you must do it by the new date you were given.

If the Commissioner gave you more time (not under section 75), you must do it by the date they told you.

If you're asking to be treated as if you're physically in New Zealand under section 25, and clause 11 of Schedule 1 applies to you, you must tell the Commissioner about any Schedule 3 adjustments for this year or past years when you make that request.

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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=DLM3180169.

Topics:
Education and learning > Higher educationMoney and consumer rights > Banking and loans
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73: Meaning of adjusted net income, Schedule 3 adjustments, and related terms, or

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75: Extension of time for notification of Schedule 3 adjustments, or

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

74Notification of Schedule 3 adjustments

  1. This section applies to a borrower if—

  2. this subpart applies to the borrower; and
    1. any Schedule 3 adjustments are applicable; and
      1. the borrower is not required to notify the Commissioner of the Schedule 3 adjustments under section 114.

        1. The borrower must notify the Commissioner of the Schedule 3 adjustments on or before—

        2. 7 July in the tax year following the tax year in which the relevant adjusted net income was derived; or
          1. if the borrower has received an extension of time to notify the Commissioner under section 75, the date on which the borrower is required to notify the Commissioner; or
            1. if the Commissioner has granted the borrower an extension of time for the notification (other than under section 75), the date specified by the Commissioner; or
              1. the time at which the borrower makes an application under section 25 to be treated as being physically in New Zealand, if the borrower is subject to clause 11 of Schedule 1 and the Schedule 3 adjustments relate to the current tax year or any past tax year.

                Notes
                • Section 74: replaced, on , by section 11 of the Taxation (Residential Land Withholding Tax, GST on Online Services, and Student Loans) Act 2016 (2016 No 21).
                • Section 74(2)(d): inserted, on , by section 59 of the Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 (2020 No 5).