New Zealand Acts

STUDENT LOAN SCHEME ACT 2011 - SECT 111

111 Exceptions to repayment obligations of overseas-based borrowers

1 For each tax year in which an overseas-based borrower has an unpaid amount but has no loan balance, the borrower's repayment obligation is zero.

2 For each tax year in which an overseas-based borrower's repayment obligation under section 110 is equal to or more than the borrower's loan balance, the borrower's repayment obligation is equal to the borrower's loan balance.

3 Nothing in this section affects—

a) a borrower's liability for an unpaid amount or late payment interest; or

b) section 193 .

4 This section overrides section 110 .

5 In this section,
"loan balance" means,—

a) if a borrower was not overseas-based at the start of the tax year, the sum determined by—

i) including the borrower's loan balance on the day on which the borrower became overseas-based; and

ii) subtracting the amount of any repayment obligation or other amount that the Commissioner has, on or before that day, required the borrower to pay and that is payable on or after that day; and

b) if a borrower was overseas-based at the start of the tax year (
"year A" ), the sum determined by—

i) including the amount of the borrower's loan balance on 31 March in the year prior to year A (the
"previous year" ); and

ii) including the amount of any annual administration fee charged under section 189 for the previous year; and

iii)

iv) subtracting the amount of any repayment obligation or other amount that the Commissioner has, on or before that day, required the borrower to pay and that is payable on or after that day.

Note: 1992 No 141 ss 14(3), 35

History: Section 111(4): replaced, on 30 March 2013, by section 16(4) of the Student Loan Scheme Amendment Act 2013 (2013 No 10).   Section 111(5): replaced, on 30 March 2013, by section 16(5) of the Student Loan Scheme Amendment Act 2013 (2013 No 10).     Section 111(5)(b)(iii): repealed, on 1 April 2014 (applying for 2014–2015 and later tax years), by section 75 of the Student Loan Scheme Amendment Act 2013 (2013 No 10).