New Zealand Acts

STUDENT LOAN SCHEME ACT 2011 - SECT 5

5 Meaning of unpaid amount

1 In this Act,
"unpaid amount" , in relation to a borrower, means each of the following to the extent that it, and any late payment interest that has been added to it under section 139(2) , has not been paid on or before its due date and has not been decreased, reduced, or written off by the Commissioner:

a) a terminal payment:

b) an interim payment default:

c) an overseas-based instalment default:

d) a consolidated loan balance that is payable as a result of a demand made under a loan contract:

e) any part of a loan advance or a loan balance that the Commissioner has recalled or demanded repayment of under section 204 of this Act or section 63N of the Student Loan Scheme Act 1992:

f) an amount that must be paid by a borrower in accordance with a written notification under section 52 :

g) a late notification penalty:

h) a student loan shortfall penalty.

i)

2 In this section,—  
"due date" ,—  

a) in relation to interim payment defaults, means,—

i) for any instalment of an interim payment due on or before the third instalment date, the date specified in Schedule 3 of the Income Tax Act 2007 as the date for payment of the third instalment:

ii) for any instalment of an interim payment due after the third instalment date, the date specified by the Commissioner as the due date; and

b) in relation to an overseas-based instalment default, means—

i) the last day of the tax year; or

ii) if the Commissioner has determined the instalments that must be paid under section 112(3), 115(1)(d), or 115A , the final date determined by the Commissioner; and

c) in all other cases, has its ordinary meaning

"interim payment default" means, as applicable,—

a) the lesser of—

i) the difference between 105% of a borrower's end-of-year repayment obligation for an immediately preceding tax year and the amount of interim payments made for a tax year; and

ii) the difference between a borrower's end-of-year repayment obligation for a tax year and the amount of interim payments made for that tax year; and

iii) the difference between the amount of a borrower's interim payments last notified by the Commissioner as due by the third instalment date for a tax year and the amount of the interim payments made for that tax year:

b) the amount of any instalment of an interim payment due after the third instalment date that is not paid on or before the due date

"overseas-based instalment default" means the sum of the instalments of an overseas-based borrower's repayment obligations for a tax year that must be paid in accordance with subparts 4 and 5 of Part 2 .

History: Section 5(1)(a): replaced (with effect on 1 April 2012 and applying for 2012–13 and later tax years), on 29 March 2013, by section 7(1) of the Student Loan Scheme Amendment Act 2013 (2013 No 10).   Section 5(1)(e): amended, on 1 April 2013, by section 55(1) of the Student Loan Scheme Amendment Act 2013 (2013 No 10).     Section 5(1)(f): inserted, on 1 April 2013 (applying for 2013–14 and later tax years), by section 55(2) of the Student Loan Scheme Amendment Act 2013 (2013 No 10).     Section 5(1)(g): replaced, on 14 May 2016, by section 5 of the Taxation (Residential Land Withholding Tax, GST on Online Services, and Student Loans) Act 2016 (2016 No 21).     Section 5(1)(h): inserted, on 1 April 2013 (applying for 2013–14 and later tax years), by section 55(2) of the Student Loan Scheme Amendment Act 2013 (2013 No 10).     Section 5(1)(i): repealed, on 1 April 2020, by section 53 of the Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 (2020 No 5).     Section 5(2) due date paragraph (b)(ii): replaced, on 30 March 2013, by section 7(2) of the Student Loan Scheme Amendment Act 2013 (2013 No 10).     Section 5(2) interim payment default paragraph (a)(i): amended (with effect on 1 April 2012 and applying for 2012–13 and later tax years), on 29 March 2013, by section 7(3) of the Student Loan Scheme Amendment Act 2013 (2013 No 10).     Section 5(2) interim payment default paragraph (a)(ii): amended (with effect on 1 April 2012 and applying for 2012–13 and later tax years), on 29 March 2013, by section 7(3) of the Student Loan Scheme Amendment Act 2013 (2013 No 10).     Section 5(2) overseas-based instalment default: replaced, on 30 March 2013, by section 7(4) of the Student Loan Scheme Amendment Act 2013 (2013 No 10).