Student loan repayment codes
2012 changes to the Student Loan Scheme Act covering repayment codes including those used by income-tested beneficiaries.
Sections 38, 39, 40 and schedule 2, clause 1
Changes have been made to the Student Loan Scheme Act 2011 to correct some minor legislative errors. The first change is to remove the references to "tax code" which is an income tax term, and replace them with "repayment code".
The second change removes the requirement for income-tested beneficiaries to apply a "SL" repayment code to their benefit income when they are not required to have repayment deductions made from their benefit income. This will ensure that beneficiaries will not incur the costs of complying with this requirement.
The amendments apply from 1 April 2012.