115AReassessment of borrower's overseas-based repayment obligations in year of return to New Zealand

1. The Commissioner may reassess a borrower's overseas-based repayment obligation if the borrower notifies the Commissioner—

2. that the borrower has returned to New Zealand; and
3. that he or she intends to become New Zealand-based; and
4. of the specific date from which he or she expects to become New Zealand-based.

5. The borrower must notify the Commissioner of any other information that the Commissioner may reasonably require for the purposes of either or both of the following:

6. establishing any of the matters in subsection (1):
7. the reassessment.

8. If the Commissioner reassesses a borrower's overseas-based repayment obligation under this section,—

9. the reassessment must be made in accordance with section 115, as if the borrower were New Zealand-based from the date notified by the borrower under subsection (1)(c); and
10. section 109(6) and (7) apply to the reassessment as if it were an assessment under that section.

11. Despite the reassessment of a borrower's overseas-based repayment obligation under this section, the borrower continues to be treated as an overseas-based borrower for all other purposes (for example, interest continues to be calculated in accordance with the borrower's overseas-based status) until the borrower becomes New Zealand-based.

12. The Commissioner may review a reassessment of a borrower's overseas-based repayment obligation made under this section if—

13. the borrower does not become New Zealand-based; or
14. the borrower becomes New Zealand-based from a date that is different from the expected date notified to the Commissioner under subsection (1)(c).