Declaration of worldwide income
2012 amendment to the Student Loan Act adds a requirement to file a declaration of worldwide income for non-resident borrows.
Section 25(2) and schedule 1
A borrower who is non-resident may be treated as physically in New Zealand when certain conditions are met for the purpose of being treated as a New Zealand-based borrower. These include when the borrower is working for an approved overseas charity, undertaking full-time study overseas (including study at undergraduate or post-graduate level), or living in Niue, the Cook Islands, Tokelau or the Ross Dependency.
Schedule 1 of the Student Loan Scheme Act 2011 contains the obligations that must be fulfilled before a non-resident borrower can be treated as physically in New Zealand. Due to a drafting oversight, the requirement to file a declaration of worldwide income was omitted from the new Act. The amendment corrects this omission.
These amendments apply from 1 April 2012.