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Student Loan Scheme Act 2011

Interest, relief, penalties and offences, rights of objection, and rights to challenge - Penalties and offences - Late filing penalties

155: Late notification penalty for Schedule 3 adjustments under section 74

You could also call this:

“Penalty for not telling about changes to your income on time”

If you need to tell the Commissioner about changes to your income (called Schedule 3 adjustments), you should do it on time. If you don’t, the Commissioner can do one of two things:

  1. They can send you a letter saying you have 30 days to tell them about the changes, or you’ll have to pay a penalty.

  2. They can make a public announcement giving everyone 30 days to report their changes, or they’ll have to pay a penalty.

If you don’t tell the Commissioner about your changes within 30 days after they send you a letter or make a public announcement, you’ll have to pay a penalty. The amount you’ll have to pay depends on how much money you earn:

  • If you earn less than $100,000, you’ll have to pay $50.
  • If you earn between $100,000 and $1,000,000, you’ll have to pay $250.
  • If you earn more than $1,000,000, you’ll have to pay $500.

Remember, it’s important to tell the Commissioner about any changes to your income on time to avoid these penalties.

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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=DLM3180331.

Topics:
Education and learning > Higher education Money and consumer rights > Banking and loans
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156: Due dates for payment of late notification penalty, or

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Part 4 Interest, relief, penalties and offences, rights of objection, and rights to challenge
Penalties and offences: Late filing penalties

155Late notification penalty for Schedule 3 adjustments under section 74

  1. If a borrower does not notify the Commissioner of Schedule 3 adjustments under section 74 on time, the Commissioner may—

  2. notify the borrower in writing that a late notification penalty will be imposed if the borrower does not notify the Commissioner of the Schedule 3 adjustments within 30 days after the date of the Commissioner’s notification; or
    1. give public notice that a late notification penalty will be imposed on borrowers who do not notify the Commissioner of Schedule 3 adjustments within 30 days after the date of the Commissioner’s public notice.

      1. A borrower is liable to pay a penalty under this section if—

      2. the Commissioner notified the borrower or gave public notice in accordance with subsection (1); and
        1. the borrower did not notify the Commissioner of the Schedule 3 adjustments within 30 days of the date of the Commissioner’s notification or public notice.

          1. The penalty for a borrower with adjusted net income—

          2. below $100,000 is $50:
            1. between $100,000 and $1,000,000 (both figures inclusive) is $250:
              1. above $1,000,000 is $500.

                Notes
                • Section 155: replaced, on , by section 20 of the Taxation (Residential Land Withholding Tax, GST on Online Services, and Student Loans) Act 2016 (2016 No 21).