2009 Student loan repayment worksheet IR 767 February 2009 1 April 2008 to 31 March 2009 Use this worksheet to calculate your student loan repayments if your income between 1 April 2008 and 31 March 2009 was from salary, wages, benefits-, student allowance, taxable pension or interest, dividends or taxable Māori authority distributions. If you received any other type of income, such as rental or self-employed income, you must file an Individual tax return (IR 3). Before completing this worksheet you’ll need to complete your Personal tax worksheet (IR 746). This worksheet is for your information only and will give you an indication of your student loan end-of-year calculation for 2009. If you request a personal tax summary, the outcome may be different from what you’ve calculated here. Please don’t send this worksheet back to us. For information about interest write-offs, read note 1 on the back of this worksheet. Income from salary, wages, benefits, student allowance, taxable pension or interest, dividends or taxable Māori authority distributions Copy the amount from Box 13 on your personal tax worksheet 1 $ 00 Repayment threshold 2 $ 18,148 00 Box 1 minus Box 2 (if Box 2 is larger than Box 1 print “00” in Box 3) 3 $ 00 This is your income over the threshold (read note 2 on the back of this worksheet) Print total here Multiply the amount in Box 3 by 0.10 (10%). 4 $ This is your repayment obligation for the 2009 tax year (read note 3 on the back of this worksheet) Print total here Copy the total of any student loan repayments from your summary of earnings 5 $ Print total here Box 4 minus Box 5 6 $ If Box 5 is larger than Box 4, Box 6 is your overpayment (credit). Print total here If Box 4 is larger than Box 5, Box 6 is your end-of-year repayment (debit). • For information about overpayment and repayment amounts, read notes 5 and 6 on the back of this worksheet. If you’ve made further repayments towards your student loan between 1 April 2008 and 31 March 2009, please continue • and read notes 7 and 8 on the back of this worksheet. If you haven’t, refer to the bottom of this page for “What to do next”. Print any 2009 interim repayments paid directly to us 7A $ Print any 2009 voluntary repayments paid directly to us 7B $ Add Boxes 7A and 7B 8 $ Print total here If Box 8 is larger than Box 6, the difference will be your 2009 student loan overpayment (credit). If Box 6 is larger than Box 8, the difference will be your 2009 student loan end-of-year repayment (debit). If Box 6 is a credit, add any amount in Box 8 to Box 6. This will be your 2009 student loan overpayment (credit). What to do next If the amount in Box 6 or Box 8 is a credit you need to request a personal tax summary to get your refund, otherwise your • overpayment will be left in your account to reduce your loan. In some cases, there will be interest charged on the refunded amounts—see note 5 on the back of this worksheet. • If you work out that you have an end-of-year repayment (debit), read note 6 on the back of this worksheet. If the amount in Box 6 is a debit of $1,000 or more, you’ll have to make interim repayments. See note 7 on the back of this • worksheet. Please don’t send this worksheet back to us RESET form Notes 1. Interest write-offs 6. End-of-year repayment If you were present in New Zealand for 183 or more This means that you’ve paid less on your student loan for the consecutive days you’ll receive an interest-free write-off. If you 2009 tax year than you were required to pay. If you worked out weren’t present in New Zealand for 183 or more consecutive on your personal tax worksheet that you’re due a tax refund days you could be eligible to receive an interest-free write-off. and you request a PTS, this will also square up your student As interest-free student loans came into effect on 1 April 2006, loan repayments. The amount which has been underpaid on only interest charged after this date will be written off. this worksheet will become payable or can be offset by your income tax refund amount. 2. Repayment threshold 7. Interim repayments You must start making repayments towards your loan if your income for the tax year is over the repayment threshold. For If the amount shown in Box 6 (your residual repayment the year up to 31 March 2009 the repayment threshold was obligation) is $1,000 or more, you’ll need to request a PTS for $18,148. 2009, and you’ll also need to make interim repayments during the 2010 tax year. You can still choose to make repayments if you earned under $18,148. For every dollar you earn over the repayment Once you’ve requested a PTS, we’ll send you an end-of-year threshold you’ll need to pay 10 cents towards your student calculation notice, which will show the three interim instalment loan. amounts you’re required to pay for the 2010 tax year and when they’re due. 3. 2009 student loan repayment obligation 8. Voluntary repayments This is the amount you were required to pay towards your student loan for the year. These are extra payments you’ve made towards your loan, over and above your minimum repayment obligation. 4. Our website 9. Going overseas? You can go to www.ird.govt.nz/studentloans to view your student loan repayments online, through our Look at account If you’re going overseas part-way through the year, or are information service. You can also find information about completing this worksheet for someone who has already gone voluntary repayments, interest-free student loans, refunds, going overseas, you need to complete an Individual tax return (IR 3). overseas, or access our forms and booklets. If you need an IR 3, go to www.ird.govt.nz or call us on 0800 377 774. 5. Overpayment This means you’ve paid more on your student loan than you’re required to for the 2009 tax year. This can either be credited to your loan or refunded to you when you request a personal tax summary (PTS). A PTS will also square up your income tax account. If you request a PTS and it results in tax to pay, you’ll have to pay the amount by 7 February 2010 or, if you have a tax agent, it’s due by 7 April 2010. Any refund of an overpayment for the 2006 and 2007 tax years will have interest charged on the refunded amount unless you’re requesting the refund due to hardship reasons. Interest charged on the refunded amount won’t be eligible for write-off under the interest-free student loan policy.
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