New Zealand Acts

STUDENT LOAN SCHEME ACT 2011 - SECT 54

54 Borrowers who are eligible for exemption from standard deductions

1 This section applies to a New Zealand-based borrower who—

a) is a full-time student in a tax year (
"year A" ); and

b) reasonably expects that the annual repayment threshold for year A will not be exceeded by his or her—

i) gross income from salary or wages; and

ii) in the case of a borrower to whom subpart 2 applies, adjusted net income.

iii)

c)

2 The borrower may obtain an exemption from future standard deductions for an exemption period by making a declaration in accordance with section 55 .

History: Section 54(1)(b): replaced (with effect on 1 April 2012), on 12 April 2012, by section 22 of the Student Loan Scheme Amendment Act 2012 (2012 No 32).   Section 54(1)(b)(ii): replaced (with effect on 1 April 2012 and applying for 2012–13 and later tax years), on 29 March 2013, by section 44 of the Student Loan Scheme Amendment Act 2013 (2013 No 10).     Section 54(1)(b)(iii): repealed (with effect on 1 April 2012 and applying for 2012–13 and later tax years), on 29 March 2013, by section 44 of the Student Loan Scheme Amendment Act 2013 (2013 No 10).     Section 54(1)(c): repealed (with effect on 1 April 2012), on 12 April 2012, by section 22 of the Student Loan Scheme Amendment Act 2012 (2012 No 32).