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Inland Revenue

Tax Policy

PUBLISHED 17 September 2009

Student loan repayment bonus bill passes

The Student Loan Scheme (Repayment Bonus) Amendment Bill passed its final stages under urgency in Parliament today. The new legislation, which now awaits Royal assent, introduces a 10 percent bonus for borrowers who make voluntary repayments on their student loans of $500 or more in a tax year. The bonus provides an incentive for borrowers to pay back their loans sooner.