Student Loan Scheme Amendment Bill (No 2) A briefing note prepared for the Finance and Expenditure Committee

Save this PDF as:

Size: px
Start display at page:

Download "Student Loan Scheme Amendment Bill (No 2) A briefing note prepared for the Finance and Expenditure Committee"

Transcription

1 Student Loan Scheme Amendment Bill (No 2) A briefing note prepared for the Finance and Expenditure Committee Policy Advice Division, Inland Revenue 13 November 2012

2 Student Loan Scheme Amendment Bill (No 2) The purpose of this note is to respond to requests made by the Finance and Expenditure Committee at the first hearing of evidence for the Student Loan Scheme Amendment Bill (No 2) on 7 November The committee requested further information on a number of areas; the responses are outlined below. This note also provides information on the student loan scheme valuation in response to the NZUSA submission and presentation. In relation to overseas based borrower debt how much would be collected if there was 100% compliance, 96% compliance (ie based on NZ based compliance, and 70% compliance (with a breakdown by country). For March 2012 tax year 100% compliance $110 m 96% compliance $106 m 70% compliance $77 m Notes: The above figures assume that all borrowers only paid the correct amount that was due and made no: extra payments repayments while they were on a repayment holiday as during that period borrowers have no repayments due payments towards previous amounts that were overdue. Percentage of payments by overseas-based borrower location Country % of those making payments Unknown 50% Australia 32% United Kingdom 12% Other countries 6% Note: Unknown is where there is no address recorded for the overseas based borrower. Information in relation to situations raised by a Committee member about a number of constituents who have contacted Inland Revenue to pay off or pay large amounts off their child s student loan and have had difficulty doing so. A borrower can pay their loan off via a lump sum at any time. They can confirm their loan balance through: looking up their balance via their myir online account or

3 contacting IR either via phone, through their myir online account or in writing. Common ways resident borrowers make lump sum payments is through online banking, credit card payments, payments at Westpac branches, or via cheque. Borrowers can also choose to pay more off their loan through their salary and wages by using a special repayment code (SLBOR). Overseas based borrowers also have easy ways of repaying by using their credit card or if in Australia or the UK using a global online payment facility such as Orbit Remit. A family member or any other person may, if they so wish, make lump sum payments on the borrower s behalf. However, for Inland Revenue to be able to advise the person of the borrower s loan balance that person must have been made a nominated person by the borrower. That is the borrower has advised Inland Revenue (either on the phone or by filling in the nominated persons form) that they have authorised Inland Revenue to be able to share specified information with that person. If a borrower has not nominated that person Inland Revenue cannot share the information as it would breach the tax secrecy provisions of the Tax Administration Act Copies of the nominated person form are available on our website, key word: Nominated person. Use of collection powers under section 157 of the Tax Administration Act 1994 information on how those powers are used and how far its use can extend to collect overseas based student loan debt in relation to income and assets from trusts in NZ that a borrower is a beneficiary. What is a section 157 (s.157) notice? Where a borrower has unpaid amounts for their student loan, a deduction notice can be issued to a third party under s.157 of the Tax Administration Act. The notice will require the third party to make a deduction out of any amounts they are to pay to the borrower. The deducted amount is paid by the third party to the Commissioner instead, to cover the borrower s student loan debt. A wide variety of sources of funds could fall under a s.157 notice, for example - wages, bank balances or rental/lease payments due to someone who owes the Commissioner the debt covered by the notice. S.157 covers income tax debt, interest and penalties and student loan debt. In the financial year, Inland Revenue placed successful deduction notices on 23,189 Student Loan borrowers who were in default and collected $14m in deductions. For this population, at 30 June 2012: the overdue obligations associated with 13,021 borrowers had been resolved and 7,307 borrowers owing a total of $21m in default still had a deduction notices in place. The balance of 2,861 borrowers (total of $13m in default) is being managed through a range of other debt collection interventions (eg active negotiations and manual review by case officers).

4 In the time available to respond Inland Revenue has been unable to identify the proportion of New Zealand-based borrowers and overseas-based borrowers. Inland Revenue can provide this information to the committee if requested. Will a s.157 notice work against a trustee of an NZ trust for a beneficiary of the trust, where the beneficiary is an overseas based borrower owing student loan debt? In short, yes (depending on the specific terms of the trust) the Commissioner can issue a s.157 notice to a trustee. This is because the meaning of amount payable under s.157(10) covers the possibility that the third party may be the trustee of a trust, of which the borrower is a beneficiary. A payment of money under a trust from the trustee to the beneficiary could be an amount payable under s.157(10). So the s.157 notice could apply to a trustee and cover a payment that the trustee was required to, or had a discretion to, make, to the beneficiary. Use of assets to recover student loan debt The Commissioner can also take the borrower to court to claim the student loan debt. If her claim succeeds, she will obtain a court judgment for the debt. The Commissioner can then ask for orders to enforce against the borrower s assets to help pay off the debt. These orders can include a charging order against the borrower s land, which can stop the borrower from selling the land without paying the student loan debt first as well as warrants that allow bailiffs to seize items of the borrower s property. It might be possible to enforce a judgment against trust property, for example where the borrower was a beneficiary of a trust, but because trust property is held by a trustee on a beneficiary s behalf, much would depend on the circumstances of the case and the terms of the trust itself. Consult Customs as to why it is not compulsory for people to provide contact details in the arrivals form, and whether there is any good reason not to make it compulsory. Customs have confirmed that all information on the arrival card, which includes contact details while in New Zealand, is required to be completed and that Customs Officers ensure that this is done at the point of entry to NZ as per Customs internal procedures extract below: Checking arrival cards for all passengers: 1. Check the flight number or vessel name is recorded. 2. Check the arrival card matches the person that is being processed. 3. Check to ensure the card looks completed; in particular ensure that all the Customs questions have been answered. 4. Check the arrival card has been signed as this is a declaration for both Customs and Ministry of Agriculture and Forestry. 5. All answers should be skimmed to identify any potential Customs risk. 6. If the passenger hasn t completed the Ministry of Agriculture and Forestry questions ask the passenger to complete them before queuing for the exit.

5 7. Any changes or additions made to the arrival card must be completed by the passenger or their representative and not by a Customs officer. If a person does not fill in all of the information required on the arrival card the individual is requested to add the information to the arrival card at the point where the passport check is done before letting them through to the biosecurity/customs checks. Note: action of the above process has to be balanced against processing times for each passenger. The valuation of the Student Loan Scheme In its submission to the Finance and Expenditure select committee on the Student Loan Scheme Amendment Bill (No.2), NZUSA claims that the Government overstates the cost of lending and that the true cost of lending is around about 8 cents in the dollar for the average graduate. It argues: the Crown s discount rate is too high and this overstates the cost (it suggested a discount rate of 3.5% is more appropriate for new lending). the cost of lending, that is the initial fair value write down, neglects the positive impact of the interest unwind (the partial reversal of the loss in value that occurs as repayments are received); that is, the Crown books the cost of the policy changes at its upfront value and does not account for the positive financial flow from the interest unwind. The Government responds to these issues as follows: Accuracy and scrutiny of the valuation of the Student Loan Scheme The Government is confident that it is accurately reflecting the cost of the Student Loan Scheme for Crown accounting and policy purposes, and in its public reporting of the Student Loan Scheme. Since July 2005, the Government has valued the scheme in accordance with the New Zealand equivalents to International Financial reporting Standards (NZ IFRS). The initial fair value write-down applied to the lending takes account of the time value of money that is the loss of value that occurs over time with inflation and the fact that the lender loses the use of the money for the period of the loan. The way the accounting standards were applied to the valuation of the scheme was determined by leading accounting experts in The approach has been agreed by the scheme s auditors and by Australian experts who advise the auditors. The NZ IFRS valuation has been independently undertaken by PricewaterhouseCoopers; and audited by Audit New Zealand advised by a second independent actuarial firm. The UK Government values the English student loan scheme on the same basis as the New Zealand scheme.

6 Why the Student Loan Scheme uses a discount rate that is currently higher than the banks use All Government reporting entities submitting valuations to Treasury must use Treasury s table of risk-free discount rates. The scheme valuers then add an appropriate risk premium (currently 2.5%) on top of this discount rate. The current risk-free discount rate ranges from 2.44% for the year ending 30 June 2013 to 6% for the year ending 30 June Because the loan scheme generates repayments for some time into the future the single risk-free rate appropriate for lending is considerably higher than 2.44%. The repayment weighted discount rate for new lending is 3.76%. Adding the 2.5% risk margin gives 6.26% - which is the average discount rate used for valuing the new lending. Why the Government books the costs of new lending upfront and why the value of lending changes over time Under NZ IFRS, the cost of new lending is recognised at the time that it is lent. Therefore the Government is complying with the standard. Under IFRS, and NZ IFRS, changes in value must be recognised in the scheme valuation as soon as practicable. These are seen either as impairment or as interest unwind.

Regulatory Impact Statement

Regulatory Impact Statement Regulatory Impact Statement Information sharing Arrangement with Australia for the recovery of student loan debt Agency Disclosure Statement This Regulatory Impact Statement (RIS) has been prepared by

More information

Debt options. What to do if you re having trouble paying your tax on time. IR 582 April 2015. Classified Inland Revenue Public

Debt options. What to do if you re having trouble paying your tax on time. IR 582 April 2015. Classified Inland Revenue Public Debt options What to do if you re having trouble paying your tax on time IR 582 April 2015 Classified Inland Revenue Public Contents About this guide 3 Why paying tax matters 4 Struggling to pay a tax

More information

AMP Home Loans. Home loan terms and conditions

AMP Home Loans. Home loan terms and conditions AMP Home Loans Home loan terms and conditions Effective June 2015 RELATIONSHIP BETWEEN AMP HOME LOANS, AMP AND KIWIBANK AMP Home Loans Limited is a home loan provider. AMP Services (NZ) Limited distributes

More information

AMP Home Loans. Home loan terms and conditions

AMP Home Loans. Home loan terms and conditions AMP Home Loans Home loan terms and conditions Effective November 2014 RELATIONSHIP BETWEEN AMP HOME LOANS, AMP AND KIWIBANK AMP Home Loans Limited is a home loan provider. AMP Services (NZ) Limited distributes

More information

HOME LOAN TERMS AND CONDITIONS

HOME LOAN TERMS AND CONDITIONS HOME LOAN TERMS AND CONDITIONS Effective November 2014 RELATIONSHIP BETWEEN NEW ZEALAND HOME LENDING, NEW ZEALAND HOME LOANS AND KIWIBANK New Zealand Home Lending Limited is a home loan provider. The New

More information

T s And C s. Home loan terms and conditions. It s Ours. Effective June 2015

T s And C s. Home loan terms and conditions. It s Ours. Effective June 2015 T s And C s. Home loan terms and conditions Effective June 2015 It s Ours. 1 What s Inside Here. 1. What are these terms about? 1 2. When can your home loan documents change? 2 3. What are the different

More information

RESIDENTIAL LOAN AGREEMENT. General terms & conditions

RESIDENTIAL LOAN AGREEMENT. General terms & conditions RESIDENTIAL LOAN AGREEMENT General terms & conditions Effective Date: 23 May 2016 IMPORTANT NOTE This document does not contain all the terms of your loan agreement or all of the information we are required

More information

RESPONSIBLE MINISTER FOR INLAND REVENUE DEPARTMENT: Minister of Revenue

RESPONSIBLE MINISTER FOR INLAND REVENUE DEPARTMENT: Minister of Revenue Vote Revenue APPROPRIATION MINISTER(S): Minister of Revenue (M57) APPROPRIATION ADMINISTRATOR: Inland Revenue Department RESPONSIBLE MINISTER FOR INLAND REVENUE DEPARTMENT: Minister of Revenue THE ESTIMATES

More information

Student Loan Scheme Amendment Bill

Student Loan Scheme Amendment Bill Student Loan Scheme Amendment Bill Commentary on the Bill Hon Peter Dunne Minister of Revenue First published in September 2011 by the Policy Advice Division of Inland Revenue, PO Box 2198, Wellington

More information

Student Loan Scheme Amendment Bill (No 2)

Student Loan Scheme Amendment Bill (No 2) Student Loan Scheme Amendment Bill (No 2) Officials Report to the Finance and Expenditure Committee on s on the Bill November 2012 Prepared by the Policy Advice Division of Inland Revenue and the Treasury

More information

Statement of Policy Dormant Account Scheme. April 2015

Statement of Policy Dormant Account Scheme. April 2015 Statement of Policy Dormant Account Scheme April 2015 Prudential Regulation Authority 20 Moorgate London EC2R 6DA Prudential Regulation Authority, registered office: 8 Lothbury, London EC2R 7HH. Registered

More information

STUDENT LOAN? WHAT S IN A

STUDENT LOAN? WHAT S IN A WHAT S IN A STUDENT LOAN? A student loan can help to finance your tertiary studies. You can get a loan to help with your fees, course-related costs and weekly living costs. But remember, only borrow what

More information

All you need to know about the. Seniors Money Lifetime Loan. Information for you, your family and your advisers

All you need to know about the. Seniors Money Lifetime Loan. Information for you, your family and your advisers All you need to know about the Seniors Money Lifetime Loan Information for you, your family and your advisers 1 Contents This brochure from Ireland s only specialist Lifetime Mortgage provider highlights

More information

Personal Loan. This document sets out your loan s terms and conditions. Some key information about your loan. Terms and Conditions

Personal Loan. This document sets out your loan s terms and conditions. Some key information about your loan. Terms and Conditions Personal Loan Terms and Conditions This document sets out your loan s terms and conditions In this document we ve explained the terms and conditions applying to your ANZ Personal Loan. It includes key

More information

Conveyancing Guide. We welcome you as a client of Tyndallwoods and thank you for your instructions. Conveyancing has two basic stages

Conveyancing Guide. We welcome you as a client of Tyndallwoods and thank you for your instructions. Conveyancing has two basic stages Conveyancing Guide We welcome you as a client of Tyndallwoods and thank you for your instructions. This guide is part of the Tyndallwoods commitment to quality of service. We are well aware that moving

More information

BANK OF NEW ZEALAND FACILITY MASTER AGREEMENT. Important information about. Your home loan

BANK OF NEW ZEALAND FACILITY MASTER AGREEMENT. Important information about. Your home loan BANK OF NEW ZEALAND FACILITY MASTER AGREEMENT Important information about Your home loan Contents PAGE 2 Introduction Agreeing a facility 3 Changes to facilities Insurance 4 Pre-conditions This document

More information

Remortgaging guide 1. Remortgaging guide. We re with you every step of the way

Remortgaging guide 1. Remortgaging guide. We re with you every step of the way Remortgaging guide 1 Remortgaging guide We re with you every step of the way Remortgaging guide 2 With so many different mortgages out there to choose from, deciding which one is best for you can be a

More information

Our standard terms and conditions for Your Advanced Personal Loan.

Our standard terms and conditions for Your Advanced Personal Loan. Our standard terms and conditions for Your Advanced Personal Loan. For loans approved on or after 6 June 2015 6 June 2015 Important Information The information set out below forms part of your disclosure

More information

Residential Loan Agreement. General Terms and Conditions

Residential Loan Agreement. General Terms and Conditions Residential Loan Agreement General Terms and Conditions Effective Date: 1 July 2014 IMPORTANT NOTE This document does not contain all the terms of your loan agreement or all of the information we are required

More information

Investing in agribusiness schemes?

Investing in agribusiness schemes? Investing in agribusiness schemes? Independent guide for investors about agribusiness schemes This guide is for you, whether you re an experienced investor or just starting out. About ASIC The Australian

More information

Tariff of Mortgage Charges

Tariff of Mortgage Charges Tariff of Mortgage Charges NRAM are closely involved in the mortgage industry s initiative with the Council of Mortgage Lenders and Which? to make our fees and charges easy for you to understand. Our tariff

More information

Tariff of Mortgage Charges

Tariff of Mortgage Charges MORTGAGES Tariff of Mortgage Charges Where home matters principality.co.uk Principality Building Society is closely involved in the mortgage industry s initiative with the Council of Mortgage Lenders

More information

Part 11 Unlawful expenditure by schools 2009 follow-up

Part 11 Unlawful expenditure by schools 2009 follow-up Unlawful expenditure by schools 2009 follow-up 95 11.1 Schools are governed by boards of trustees, made up of members of the local community (usually parents of children attending the school). There are

More information

Cheshire West & Chester Council

Cheshire West & Chester Council Cheshire West & Chester Council Debt recovery code of practice 1.0 Introduction 1.1 This code of practice underpins Cheshire West and Chester Council s corporate debt policy and sets out the approach adopted

More information

Loan Contract Terms and Conditions booklet with:

Loan Contract Terms and Conditions booklet with: Loan Contract Terms and Conditions booklet with: Mortgage conditions; and Direct Debit Request Service Agreement This booklet contains some of the terms and conditions that apply to a loan we offer Borrower(s)

More information

Trusts and estates income tax rules

Trusts and estates income tax rules IR 288 June 2012 Trusts and estates income tax rules Types of trusts and how they re taxed 2 TRUSTS AND ESTATES www.ird.govt.nz Go to our website for information, services and tools. Secure online services

More information

Business Loan. This document sets out your loan s terms and conditions. Contents of these terms and conditions. Terms and Conditions

Business Loan. This document sets out your loan s terms and conditions. Contents of these terms and conditions. Terms and Conditions Business Loan Terms and Conditions This document sets out your loan s terms and conditions In this document we ve explained the terms and conditions applying to your ANZ Business Loan. It includes key

More information

23 Credit Control and Debt Management

23 Credit Control and Debt Management 23 Credit Control and Debt Management 23.1 Introduction 23.2 Scope of this Policy 23.3 General Information 23.3.1 Payment Methods 23.3.2 Refund Methods 23.3.3 Bank Charges on Payments Received or Refunds

More information

BANK OF NEW ZEALAND FACILITY MASTER AGREEMENT. Important information about. Your home loan

BANK OF NEW ZEALAND FACILITY MASTER AGREEMENT. Important information about. Your home loan BANK OF NEW ZEALAND FACILITY MASTER AGREEMENT Important information about Your home loan Contents PAGE 2 Introduction Agreeing a facility 3 Changes to facilities Insurance 4 Pre-conditions This document

More information

Application form Residential Mortgage

Application form Residential Mortgage Application form Residential Mortgage Intermediary details This section requires details of any Broker, Packager, Sub broker, or Network who has an interest in this application. THIS PAGE MUST BE COMPLETED

More information

HOME LOAN GENERAL OFFER CONDITIONS (Mortgage Broker Introduction) with effect from 14th March 2016

HOME LOAN GENERAL OFFER CONDITIONS (Mortgage Broker Introduction) with effect from 14th March 2016 These Conditions apply to Your Loan. Other terms and conditions are in the Loan Security. When reading these Conditions You will notice the use of technical and legal words that can be identified by their

More information

Standard Mortgage Terms

Standard Mortgage Terms Page 1 of 45 Standard Mortgage Terms Filed By: Canadian Imperial Bank of Commerce Filing Number: MT160006 Filing Date: March 17, 2016 The following set of standard mortgage terms shall be deemed to be

More information

Financial Assets, Liabilities and Commitments

Financial Assets, Liabilities and Commitments Financial Assets, Liabilities and Commitments Policy Statement Ref: A52923, 5.0 1 of 10 Policy name: Financial Assets, Liabilities and Commitments Policy number: Finance Key result areas: Finance Branch:

More information

Seniors Money Ireland Limited t/a Seniors Money 60plus Loan Seniors Money is a joint venture company equally owned by IFG Group plc and Sentinel

Seniors Money Ireland Limited t/a Seniors Money 60plus Loan Seniors Money is a joint venture company equally owned by IFG Group plc and Sentinel Seniors Money Ireland Limited, Beech House, Beech Hill Office Park, Clonskeagh, Dublin 4. LoCall 1890 73 64 67 (1890 SENIOR) or email info@seniorsmoney.ie www.seniorsmoney.ie Seniors Money Ireland Limited

More information

How a Personal Loan Works 03.13

How a Personal Loan Works 03.13 How a Personal Loan Works 03.13 The basics How a Personal Loan Works provides a basic overview of an ANZ Personal Loan, including how fees and interest are calculated and charged. For detailed information

More information

Fine Collection Notices

Fine Collection Notices Fine Collection Notices For redirection of earnings State Penalties Enforcement Registry A division of the Office of State Revenue Contents Introduction... 1 What is a fine collection notice?... 2 Role

More information

Tariff of Mortgage Charges

Tariff of Mortgage Charges Tariff of Mortgage Charges 0800 298 5714 precisemortgages-customers.co.uk Precise Mortgages is closely involved in the mortgage industry s initiative with the Council of Mortgage Lenders and Which? to

More information

ISA and Investment Funds Key Features

ISA and Investment Funds Key Features ISA and Investment Funds Key Features From Standard Life through Standard Life Client Management This is an important document. Please read it and keep for future reference. The Financial Conduct Authority

More information

PRACTICE NOTE 22 THE AUDITORS CONSIDERATION OF FRS 17 RETIREMENT BENEFITS DEFINED BENEFIT SCHEMES

PRACTICE NOTE 22 THE AUDITORS CONSIDERATION OF FRS 17 RETIREMENT BENEFITS DEFINED BENEFIT SCHEMES PRACTICE NOTE 22 THE AUDITORS CONSIDERATION OF FRS 17 RETIREMENT BENEFITS DEFINED BENEFIT SCHEMES Contents Introduction Background The audit approach Ethical issues Planning considerations Communication

More information

Business and Agri Loan Terms and Conditions

Business and Agri Loan Terms and Conditions October 2012 Thank you for choosing an ANZ loan. When you take out a loan, various terms and conditions apply to it. These are covered in this Terms and Conditions document and in your loan agreement.

More information

Standard Charge Terms Land Registration Reform Act

Standard Charge Terms Land Registration Reform Act Page 1 of 32 Standard Charge Terms Land Registration Reform Act Filed By: Canadian Imperial Bank of Commerce Filing Number: 201610 Filing Date: March 29, 2016 The following set of standard charge terms

More information

Approved issuer levy (AIL)

Approved issuer levy (AIL) IR 395 October 2014 Approved issuer levy (AIL) A A guide for payers www.ird.govt.nz 1 Introduction If you (a borrower) pay interest to a non-resident lender (the person who you ve borrowed from), and want

More information

KEY MORTGAGE INFORMATION & EXPLANATIONS

KEY MORTGAGE INFORMATION & EXPLANATIONS KEY MORTGAGE INFORMATION & EXPLANATIONS THE SOCIETY Within this document reference to we us and our refers to the Society, full details of which are: Tipton & Coseley Building Society, 70 Owen Street,

More information

Home Loan Customer Consent Pack

Home Loan Customer Consent Pack Commonwealth Bank of Australia ABN 48 123 123 124 Australian credit licence 234945 Home Loan Customer Consent Pack Purpose This document tells you about: why we collect your personal information and how

More information

Shared Home Ownership

Shared Home Ownership Shared Home Ownership Frequently Asked Questions Open your mind to the possibility of home ownership with Opening Doors Visit openingdoorswa.com.au Version: February 2016 Home Loans About the Opening Doors

More information

Tariff of mortgage charges

Tariff of mortgage charges Tariff of mortgage charges Tesco Bank is closely involved in the mortgage industry s initiative with the Council of Mortgage Lenders and Which? to make our fees and charges easy for you to understand.

More information

The finer details. ANZ Loan. Terms and conditions

The finer details. ANZ Loan. Terms and conditions The finer details ANZ Loan Terms and conditions Everything you need to know about the terms and conditions of your ANZ loan Thank you for choosing an ANZ loan. When you take out a loan, both you and ANZ

More information

Fair Debt. Policy. Why Have A Fair Debt Policy?

Fair Debt. Policy. Why Have A Fair Debt Policy? Fair Debt Policy A policy to assist customers who owe money to the council. Why Have A Fair Debt Policy? Wyre Borough Council is required to collect monies from both its residents (Council Tax) and businesses

More information

Your Options. A simple guide to available debt options

Your Options. A simple guide to available debt options Your Options A simple guide to available debt options Contents Welcome 3 Our Customer Service Charter 3 Protected Trust Deeds 4 Debt Arrangement Scheme 6 Sequestration 8 Debt Management Plan 10 Minimal

More information

managed loans FEES AND LIMITS

managed loans FEES AND LIMITS managed loans FEES AND LIMITS Effective November 2014 Fees and Limits New Zealand Home Loans is committed to helping you and your family become debt free, faster. To help you do this, New Zealand Home

More information

Agenda Page 7 Agenda Item 10. Debt Management Policy

Agenda Page 7 Agenda Item 10. Debt Management Policy Agenda Page 7 Agenda Item 10 Debt Management Policy Agenda Page 8 Agenda Item 10 DEBT MANAGEMENT POLICY 1. INTRODUCTION The council has a responsibility to collect the income due to it. This helps the

More information

A Guide to Debt Recovery

A Guide to Debt Recovery A Guide to Debt Recovery The information contained within this document has been developed to provide owners with information about the current debt recovery process at Turnbull Cook. No-one likes owing

More information

Council Tax Debt Recovery Policy

Council Tax Debt Recovery Policy Council Tax Debt Recovery Policy Updated: Ian Johnson June 2016 Introduction This policy outlines the recovery process for Council Tax and highlights the various stages that lead to the court issuing a

More information

Student loans making repayments

Student loans making repayments www.ird.govt.nz 1 IR 224 April 2014 Student loans making repayments 2 STUDENT LOANS making repayments www.ird.govt.nz Go to our website for information, and to use our services and tools. myir secure online

More information

Reverse Mortgages. An investment research policy for using reverse mortgages

Reverse Mortgages. An investment research policy for using reverse mortgages Reverse Mortgages An investment research policy for using reverse mortgages Table of contents Table of contents... 2 At a glance... 3 Introduction... 4 What is a reverse mortgage?... 4 Advantages and disadvantages...

More information

Taxes are dealt with and collected by HM Revenue and Customs (HMRC). There are different types of tax, which include those listed below.

Taxes are dealt with and collected by HM Revenue and Customs (HMRC). There are different types of tax, which include those listed below. Freephone 0800 197 6026 www.businessdebtline.org Income tax debt What this fact sheet covers This fact sheet tells you about how to deal with income tax arrears owed to HM & and Customs (HMRC). It explains

More information

DECLARATION OF INTENTION TO PRESENT A DEBTOR S PETITION SUSPENSION OF CREDITOR ENFORCEMENT Bankruptcy Act 1966 Section 54A

DECLARATION OF INTENTION TO PRESENT A DEBTOR S PETITION SUSPENSION OF CREDITOR ENFORCEMENT Bankruptcy Act 1966 Section 54A DECLARATION OF INTENTION TO PRESENT A DEBTOR S PETITION SUSPENSION OF CREDITOR ENFORCEMENT Bankruptcy Act 1966 Section 54A Privacy The information you are required to provide on this form is collected

More information

Mortgages and Loans. Huonville: 8/16 Main St, Huonville 7109 DX 70754, Huonville PO Box 239, Huonville 7109 Ph: 03 6264 2967

Mortgages and Loans. Huonville: 8/16 Main St, Huonville 7109 DX 70754, Huonville PO Box 239, Huonville 7109 Ph: 03 6264 2967 Mortgages and Loans Huonville: 8/16 Main St, Huonville 7109 DX 70754, Huonville PO Box 239, Huonville 7109 Ph: 03 6264 2967 Hobart: Level 1, 18 Elizabeth St, Hobart 7000 DX 231, Hobart GPO Box 16, Hobart

More information

Mortgage Agreement Disclosure Date: 4 June 2015 Loan Contract Number: The Parties. Your Loan. The Lender. The Borrower(s)

Mortgage Agreement Disclosure Date: 4 June 2015 Loan Contract Number: The Parties. Your Loan. The Lender. The Borrower(s) Mortgage Agreement Disclosure Date: 4 June 2015 Loan Contract Number: A The Parties The Lender (also referred to as we or us ) The Borrower(s) (referred to as you ) The Guarantor(s) (also referred to as

More information

Home Loan. This document sets out your loan s terms and conditions. Some key information about your loan. Terms and Conditions

Home Loan. This document sets out your loan s terms and conditions. Some key information about your loan. Terms and Conditions Home Loan Terms and Conditions This document sets out your loan s terms and conditions In this document we ve explained the terms and conditions applying to your ANZ Home Loan. It includes key information

More information

Tariff of Mortgage Charges

Tariff of Mortgage Charges Tariff of Mortgage Charges Bradford & Bingley and Mortgage Express are closely involved in the mortgage industry s initiative with the Council of Mortgage Lenders and Which? to make our fees and charges

More information

Treasury concludes that Tax Receivables administered by Inland Revenue should be:

Treasury concludes that Tax Receivables administered by Inland Revenue should be: 28 April 2008 REPORTING TAX RECEIVABLES UNDER NZ IFRS This paper details the accounting treatment of Tax Receivables administered by Inland Revenue under New Zealand Equivalents to International Financial

More information

I ve got a maintenance order but it s not being paid

I ve got a maintenance order but it s not being paid EX327 I ve got a maintenance order but it s not being paid Can this leaflet help me? This leaflet can help you if you have a maintenance order from a county court and the person who was ordered to pay

More information

Budget 2012 Changes to Student Loans and Allowances

Budget 2012 Changes to Student Loans and Allowances Budget 2012 Changes to Student Loans and Allowances On 24 May the Government announced changes to Student Loans and Student Allowances as part of Budget 2012. The changes are: The Student Allowance will

More information

AUTOMOTIVE UPDATE. Trust distribution. Division 7A loan and unpaid present entitlement. Partner, Brisbane Tel: +61 7 3237 5744 mark.ward@bdo.com.

AUTOMOTIVE UPDATE. Trust distribution. Division 7A loan and unpaid present entitlement. Partner, Brisbane Tel: +61 7 3237 5744 mark.ward@bdo.com. AUTOMOTIVE UPDATE AUTOMOTIVE tax planning 2013 With another financial year end fast approaching, BDO s automotive team provides some guidance on practical measures to minimise your dealership s tax position

More information

Inland Revenue Department: Managing tax debt

Inland Revenue Department: Managing tax debt Inland Revenue Department: Managing tax debt This is an independent assurance report about a performance audit carried out under section 16 of the Public Audit Act 2001. June 2009 ISBN 978-0-478-32627-7

More information

Foreign Currency Account & Foreign Currency Term Deposit Terms and Conditions Effective 1 April 2015

Foreign Currency Account & Foreign Currency Term Deposit Terms and Conditions Effective 1 April 2015 Foreign Currency Account & Foreign Currency Term Deposit Terms and Conditions Effective 1 April 2015 What you need to know about these terms and conditions This booklet sets out the terms and conditions

More information

Lending Fees & Charges

Lending Fees & Charges Lending Fees & Charges Effective Date: 1 July 2015 All credit fees and charges to any credit facilities regulated by the National Credit Code will be set out in the financial table of your credit contract.

More information

Personal Loan Agreement and Terms and Conditions

Personal Loan Agreement and Terms and Conditions PARTIES Personal Loan Agreement and Terms and Conditions 1.SAMBA FINANCIAL GROUP, Dubai Branch, with offices located at Jumeirah Road, Umm Suqueim 2, P.O. Box 6038, Dubai, United Arab Emirates (the Samba

More information

ALL YOU NEED TO KNOW.

ALL YOU NEED TO KNOW. LIFETIME MORTGAGE LIFETIME MORTGAGES ALL YOU NEED TO KNOW 1 ALL YOU NEED TO KNOW. 2 LIFETIME MORTGAGES ALL YOU NEED TO KNOW CONTENTS 1. IntrODUCTION 2. AbOUT lifetime mortgages 3. FeaturES of our lifetime

More information

Home Equity Loans and Credit Lines HELOC

Home Equity Loans and Credit Lines HELOC Home Equity Loans and Credit Lines HELOC If you re thinking about making some home improvements or looking at ways to pay for your child s college education, you may be thinking about tapping into your

More information

1 What is the role of a financial planner when advising a client about retirement planning?

1 What is the role of a financial planner when advising a client about retirement planning? Questions with Guided Answers by Graeme Colley 2013 Reed International Books Australia Pty Limited trading as LexisNexis. Permission to download and make copies for classroom use is granted. Reproducing

More information

Guidance. Guide to Debt Relief Orders. When, Where, How, Who, What

Guidance. Guide to Debt Relief Orders. When, Where, How, Who, What Guidance Guide to Debt Relief Orders When, Where, How, Who, What June 2011 Contents 1 About this Guide Page 5 2 What is a 6 What are your duties in connection with a debt relief order? 10 Debt relief

More information

Things you should know

Things you should know Westpac Group Plan Defined Benefit Pension (including Spouse pension) Product Disclosure Statement (PDS) Dated: 1 July 2014 Things you should know The Westpac Group Plan Defined Benefit pension provides

More information

Fees we charge for consumer mortgage lending products

Fees we charge for consumer mortgage lending products Fees we charge for consumer mortgage lending products Effective October 2009 This booklet provides information on the fees we may charge when you purchase any of the following consumer mortgage lending

More information

You may choose not to provide us with any of this information, but not doing so will affect our ability to provide you with storage.

You may choose not to provide us with any of this information, but not doing so will affect our ability to provide you with storage. BENALLA MINI STORAGE Privacy Policy This Privacy Policy outlines the policy of Benalla Mini Storage, Nish Court Benalla, abn37 371 733 702, managed by Benalla Residential Rural Real Estate of 72 Bridge

More information

IR100 April 2016. Helping you to understand child support

IR100 April 2016. Helping you to understand child support IR100 April 2016 Helping you to understand child support 2 HELPING YOU TO UNDERSTAND CHILD SUPPORT Child support information If you'd like more information about child support, including our forms and

More information

GAPCOVER INSURANCE. This PDS is important 1 The insurance cover you select 4 Introduction 1 Limit on amount we pay 4

GAPCOVER INSURANCE. This PDS is important 1 The insurance cover you select 4 Introduction 1 Limit on amount we pay 4 PRODUCT DISCLOSURE STATEMENT AND POLICY WORDING GAPCOVER INSURANCE Insurer: Swann Insurance (Aust) Pty Ltd ABN 80 000 886 680 AFS Licence No. 238292 Preparation date: 1 December 2015 TABLE OF CONTENTS

More information

Tertiary Education Report: Information on student loan borrowers with overdue repayments, and overdue repayment penalties

Tertiary Education Report: Information on student loan borrowers with overdue repayments, and overdue repayment penalties 12 This document has been released under the Official Information Act 1982 (the Act). Some information has been withheld under section (18)(c)(i) disclosure would be contrary to provisions of a specified

More information

Home Loans. Talk to us today.

Home Loans. Talk to us today. Home Loans Talk to us today. Since 1875 we ve helped more than half a million people buy their dream home. It s what we do best. With 140 years of home loan know-how, you won t find a more experienced

More information

AFFORDABLE HOUSING ACTION PLAN

AFFORDABLE HOUSING ACTION PLAN AFFORDABLE HOUSING ACTION PLAN ACT LAND RENT SCHEME - FREQUENTLY ASKED QUESTIONS LAND What is the ACT Land Rent Scheme? The Land Rent Scheme is an ACT Government initiative to increase access to affordable

More information

Mortgage advice you can depend on

Mortgage advice you can depend on Our Mortgage advice you can depend on Whether buying your first home, buying to let, or remortgaging, this guide tackles the main considerations. If you want to learn more and receive advice tailored to

More information

We ll help make buying your first home easier

We ll help make buying your first home easier First Home Buyers We ll help make buying your first home easier First Home Buyer Award recognised in 2008 by CANNEX. 02 Buying your first home doesn t have to be complicated. We ll take the hassle out

More information

Lump Sum Lifetime Mortgage Terms and Conditions. Version 1

Lump Sum Lifetime Mortgage Terms and Conditions. Version 1 Lump Sum Lifetime Mortgage Terms and Conditions Version 1 INTRODUCTION Thank you for choosing Hodge Lifetime. We hope that your lifetime mortgage makes a positive difference during your retirement. This

More information

Deed of Mortgage secured by Real Estate WESTERN AUSTRALIA

Deed of Mortgage secured by Real Estate WESTERN AUSTRALIA Deed of Mortgage secured by Real Estate WESTERN AUSTRALIA 1 Deed of Mortgage secured by Real Estate - WESTERN AUSTRALIA Contents Parties Definitions 1 Purpose of Agreement; 2 Covenant to repay; 3 The Mortgagor

More information

PURCHASE PRICE PROTECTION INSURANCE

PURCHASE PRICE PROTECTION INSURANCE PRODUCT DISCLOSURE STATEMENT AND POLICY WORDING PURCHASE PRICE PROTECTION INSURANCE Insurer: Swann Insurance (Aust) Pty Ltd ABN 80 000 886 680 AFS Licence No. 238292 Preparation date: 29 February 2016

More information

we make it easy for you

we make it easy for you Insurance Guide PDS Supplement we make it easy for you Dated 10 November 2015 CARE Super Pty Ltd (Trustee) ABN 91 006 670 060 AFSL 235226 CARE Super (Fund) ABN 98 172 275 725 PDS Supplement The information

More information

CORPORATE FINANCE FINANCIAL INSTITUTIONS ENERGY AND INFRASTRUCTURE. Undertakings. Norton Rose LLP June 2012. PAR-#4041659-v1 1

CORPORATE FINANCE FINANCIAL INSTITUTIONS ENERGY AND INFRASTRUCTURE. Undertakings. Norton Rose LLP June 2012. PAR-#4041659-v1 1 CORPORATE FINANCE FINANCIAL INSTITUTIONS ENERGY AND INFRASTRUCTURE Undertakings Norton Rose LLP June 2012 1 UNDERTAKINGS What is an undertaking? 1 In general terms, an undertaking is simply an enforceable

More information

2015 Individual Tax Return Checklist

2015 Individual Tax Return Checklist 2015 Individual Tax Return Checklist Name of taxpayer: Address: Preferred contact no.: Income PAYG payment summaries (eg from employers) Lump sum payments (eg employment termination payment) Partnership

More information

Regulated Mortgages. March 2012

Regulated Mortgages. March 2012 Regulated Mortgages March 2012 1 Introduction Since 31 October 2004, Regulated Mortgage Contracts have been subject to statutory control, supervised by the Financial Services Authority ("FSA"). Under Section

More information

Personal Financial Charges for Home and Investment Property Loans. Effective 1 April 2016

Personal Financial Charges for Home and Investment Property Loans. Effective 1 April 2016 Personal Financial Charges for Home and Investment Property Loans Effective 1 April 2016 Loan Establishment Fees Home Smart Establishment Fee 1, 2 $600 Loan Settlement Fee 3 $150 Valuation/Property Assessment

More information

MORTGAGE ADVICE YOU CAN DEPEND ON

MORTGAGE ADVICE YOU CAN DEPEND ON MORTGAGE ADVICE YOU CAN DEPEND ON INTRODUCTION Whether you re buying your first home, remortgaging, or purchasing an investment property, there are lots of processes to go through, issues to tackle and

More information

Saffron Building Society Mortgages Savings Investments Insurance Loans. Residential mortgage conditions. www.saffronbs.co.

Saffron Building Society Mortgages Savings Investments Insurance Loans. Residential mortgage conditions. www.saffronbs.co. Saffron Building Society Mortgages Savings Investments Insurance Loans Residential mortgage conditions www.saffronbs.co.uk 0800 072 1100 Saffron Building Society Residential Mortgage Conditions (England

More information

CONSUMER LOAN AND SECURITY GENERAL TERMS

CONSUMER LOAN AND SECURITY GENERAL TERMS CONSUMER LOAN AND SECURITY GENERAL TERMS H0000275MD DEALER 05/15 Clause 1: Understanding and interpreting this Agreement We use ordinary words where possible. But sometimes we have to use legal words or

More information

2016 No. 0000 PUBLIC SERVICE PENSIONS, ENGLAND AND WALES. The Local Government Pension Scheme (Management and Investment of Funds) Regulations 2016

2016 No. 0000 PUBLIC SERVICE PENSIONS, ENGLAND AND WALES. The Local Government Pension Scheme (Management and Investment of Funds) Regulations 2016 S T A T U T O R Y I N S T R U M E N T S 2016 No. 0000 PUBLIC SERVICE PENSIONS, ENGLAND AND WALES The Local Government Pension Scheme (Management and Investment of Funds) Regulations 2016 Made - - - - 2016

More information

Home Loan Agreement General Terms

Home Loan Agreement General Terms Your Home Loan Agreement with us, China Construction Bank (New Zealand) Limited is made up of two documents: A. This document called ; and B. The document called Home Loan Agreement Specific Terms. Your

More information

SPECIALIST 24 HR CRIMINAL DEFENCE

SPECIALIST 24 HR CRIMINAL DEFENCE SPECIALIST 24 HR CRIMINAL DEFENCE What happens at the Police Station? Often the most important stage in any case is what happens in the police station. In most cases you will be under arrest and it may

More information

Consumer lending. terms and conditions

Consumer lending. terms and conditions Consumer lending terms and conditions 1 Important information Who we are Teachers Mutual Bank Limited ABN 30 087 650 459 AFSL/Australian Credit Licence 238981. In this document, the Bank, we, us and our

More information

Additional Terms and Conditions

Additional Terms and Conditions Page 1 of 35 Additional Terms and Conditions The following set of additional terms and conditions is attached as Schedule B to Canadian Imperial Bank of Commerce Residential Mortgages in Newfoundland and

More information

Attachment 4: Statement of proposal on the draft Revenue and Financing Policy and the draft Rates Remission and Postponement Policies

Attachment 4: Statement of proposal on the draft Revenue and Financing Policy and the draft Rates Remission and Postponement Policies Attachment 4 to Report 15.18 Page 15 of 20 Attachment 4: Statement of proposal on the draft Revenue and Financing Policy and the draft Rates Remission and Postponement Policies Statement of Proposal Draft

More information