Plain language law

New Zealand law explained for everyone

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

84: Due dates for payment of interim payments

You could also call this:

"When you need to pay parts of your student loan during the year"

You need to pay interim payments for your student loan if you have one. These payments are like smaller parts of your total loan repayment for the year. Here's when you need to pay them:

If you pay provisional tax, you pay your interim payments on the same dates as your provisional tax. Provisional tax is money you pay towards your income tax during the year.

If you use something called a GST ratio or AIM method to work out your provisional tax, you pay on different dates. These dates depend on when your financial year ends.

If you don't pay provisional tax, you still need to pay your interim payments. The dates for these payments also depend on when your financial year ends.

If you pay provisional tax every six months, you pay your interim payments on specific dates that match when your financial year ends.

Remember, these rules are to help you pay off your student loan bit by bit throughout the year, instead of all at once.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

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=DLM3180195.

Topics:
Money and consumer rights > Banking and loansEducation and learning > Higher education
Previous

83: Commissioner may assess interim payments if information for preceding year not provided, or

"The Commissioner can guess your loan payments if you didn't share last year's income information"

Next

85: Commissioner's powers in relation to due dates, or

"The Commissioner can change when you pay your student loan"

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

84Due dates for payment of interim payments

  1. A borrower must pay an interim payment for a tax year on or before each of the dates on which the borrower must pay his or her provisional tax for that tax year in accordance with the provisional tax rules.

  2. However,—

  3. if a borrower uses a GST ratio, or the AIM method provided in section RC 5(5B) of the Income Tax Act 2007, to determine his or her provisional tax for a tax year and that year is not a transitional year for the borrower, the due dates for the payment of the borrower's interim payments are the dates in columns B, D, and F of the table in Part A of Schedule 3 of the Income Tax Act 2007 that correspond to the month of the borrower's balance date:
    1. if a borrower uses a GST ratio to determine his or her provisional tax for a tax year and that year is a transitional year for the borrower, the due dates for the payment of the borrower's interim payments are every second date in the table headed GST ratio provisional taxpayers in Part B of Schedule 3 of the Income Tax Act 2007 that correspond to the month of the borrower's balance date, except that—
      1. if the borrower has only 1 payment date, the borrower has only 1 due date; and
        1. if the borrower has an odd number of payment dates, then the last payment date does not apply to the borrower:
        2. if a borrower does not pay provisional tax for a tax year, the due dates for the payment of the borrower's interim payments are the dates in columns B, D, and F of the table in Part A of Schedule 3 of the Income Tax Act 2007 that correspond to the month of the borrower's balance date:
          1. if a borrower pays provisional tax on a 6-monthly basis for the 2012–2013 tax year or any subsequent tax year, the due dates for the payment of the borrower's interim payments are the dates in columns B, D, and F of the table in Part A of Schedule 3 of the Income Tax Act 2007 that correspond to the month of the borrower's balance date.

            1. In this section, GST ratio and transitional year have the same meanings as in section YA 1 of the Income Tax Act 2007.

            Notes
            • Section 84: 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 84(2)(a): amended, on , by section 393 of the Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018 (2018 No 5).
            • Section 84(2)(d): amended, on , by section 5 of the Student Loan Scheme Amendment Act 2014 (2014 No 6).