Student Loan Scheme Amendment Act 2005
The Student Loan Scheme Amendment Act 2005 is one of the three Acts to result from the passage of the Taxation (Urgent Measures) Bill, introduced in November 2005. The new Act received Royal assent on 21 December 2005.
Amnesty on student loan penalties
Borrowers who are not resident in New Zealand for income tax purposes on 31 March 2006 will be able to apply to have penalties on any overdue student loan assessment remitted. Remission will be dependent on their giving an undertaking, and adhering to that undertaking, that all future liabilities arising under the Student Loan Scheme Act 1992 for the next two years will be met as they fall due.
Interest rate formula
The Student Loan Scheme Amendment Act 2005 allows the student loan scheme interest rates to be set by a formula adopted by Order in Council.
Refunds of student loan over-payments
New legislation introduces new rules regarding refunds of student loan over-payments that relate to the 2005-06 and prior tax years. An over-payment is any amount deducted or paid in excess of a borrower's repayment obligation for a year.
"Interest-free" student loans for borrowers living in New Zealand
New legislation gives effect to the government's decision not to charge interest on student loans for borrowers living in New Zealand.
Date published: 05 Oct 2004
Back to top
