The above applies for any money owed and goes for any wrong tax code applied.
In other words, you can run but you can't hide from them unless you leave the country and even then they are working on ways to get you.
mikerussellnz: Your employer will get a tax code change letter and you will get a bill for the outstanding student loan payment amount at the end of the tax year.
If you don't pay that, it will have penalties etc applied, just like any tax bill.
kingjj:mikerussellnz: Your employer will get a tax code change letter and you will get a bill for the outstanding student loan payment amount at the end of the tax year.?
If you don't pay that, it will have penalties etc applied, just like any tax bill. ?
My ex-employer had me on the correct tax code but had no idea how to pay my student loan payments so didn't. My ex-employer got several of these letters over the course of 2 years and ignored them. As at the time I had NZ Tax Refunds as my tax agent I was not?receiving?the personal notifications either. I got a bit of a shock when I spoke to IRD and discovered I owed rather a bit in unpaid student loan fees. Thankfully IETC credits covered most of it. Moral of story, they will catch up with you and you will pay. Second moral, don't trust your employeer....
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corksta: End of the day if you avoid paying it for a while the loan is still going to be there, it's not going to magically disappear so why not just pay it and get rid of it faster?
reven: yeah but if you pay back more than $500 a year you get 10% credit back, ie by paying $500 a year you really are paying $550.
you're very unlikely to get more than 10% interest if you just saved that money in the bank.
so best thing would be to save the money for 11 months 28 days, and then pay it off before end of tax year.
personally i would spend the money before the 11months is up, so im paying it off in lumps sums (couple months to go for me)
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