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Student Loan Scheme Act 2011

Repayment obligations of borrowers - New Zealand-based non-resident borrowers and borrowers with New Zealand-based and overseas-based repayment obligations

114: Notification of Schedule 3 adjustments by New Zealand-based non-resident borrowers

You could also call this:

“Kiwi borrowers living overseas must report special changes to their loan”

If you’re a New Zealand-based borrower who doesn’t live in New Zealand and you have Schedule 3 adjustments, you need to tell the Commissioner about these adjustments. You must do this for each tax year or part of a tax year that applies to you.

You have to tell the Commissioner about your Schedule 3 adjustments at the same time you would if you lived in New Zealand. If you’re asking to be treated as if you’re physically in New Zealand, and your adjustments are for the current tax year or any past tax year, you need to tell the Commissioner no later than when you make that request.

The Commissioner might ask you to prove your Schedule 3 adjustments. Make sure you can show evidence if needed.

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Topics:
Education and learning > Higher education Money and consumer rights > Banking and loans
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113: Consequence of failure to meet repayment obligations, or

"What happens if you don't pay back your student loan on time"

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114A: Extension of time for notification of Schedule 3 adjustments, or

"Getting more time to report changes to your student loan income or deductions"

Part 2 Repayment obligations of borrowers
New Zealand-based non-resident borrowers and borrowers with New Zealand-based and overseas-based repayment obligations

114Notification of Schedule 3 adjustments by New Zealand-based non-resident borrowers

  1. This section applies to a New Zealand-based borrower who is a non-resident and who has Schedule 3 adjustments.

  2. For each tax year and each part of a tax year to which this section applies to a borrower, the borrower must notify the Commissioner of the Schedule 3 adjustments.

  3. The borrower must notify the Commissioner of the Schedule 3 adjustments under this section—

  4. at the time when, if the borrower were a New Zealand resident, he or she would have had to notify the Commissioner of the Schedule 3 adjustments under section 74(2)(a) to (c); or
    1. no later than the time at which the borrower makes an application under section 25 to be treated as being physically in New Zealand, if the borrower is subject to clause 11 of Schedule 1 and the Schedule 3 adjustments relate to the current tax year or any past tax year.

      1. The Commissioner may require the borrower to provide evidence of the Schedule 3 adjustments.

      Notes
      • Section 114: replaced, on , by section 17 of the Taxation (Residential Land Withholding Tax, GST on Online Services, and Student Loans) Act 2016 (2016 No 21).
      • Section 114(3): replaced, on , by section 66 of the Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 (2020 No 5).
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