IRD starts to crack down on unpaid overseas student loan debt
Update: 2024-11-13
Description
The Inland Revenue department has doubled the size of its team responsible for chasing down overseas-based student loan debt and is taking more legal action in both New Zealand and Australia. Overdue student loan debt has grown to a record $2.37 billion dollars - with $2.2 billion of that owed by overseas borrowers - most of whom are based in Australia. Only 29 percent of all overseas student-loan borrowers met their repayment obligations in the past 12 months. Inland Revenue was allocated 116 million dollars in this year's Budget to bolster compliance and enforcement, with some of that ring-fenced specifically for overdue student loan debt. The rest of the funding is being used across other areas of the tax system including cryptocurrency, trusts, the so-called hidden economy and organised crime. Andrew Stott, Marketing and Communications group manager at the IRD, discusses the department's compliance work with Susie.
Comments
Top Podcasts
The Best New Comedy Podcast Right Now – June 2024The Best News Podcast Right Now – June 2024The Best New Business Podcast Right Now – June 2024The Best New Sports Podcast Right Now – June 2024The Best New True Crime Podcast Right Now – June 2024The Best New Joe Rogan Experience Podcast Right Now – June 20The Best New Dan Bongino Show Podcast Right Now – June 20The Best New Mark Levin Podcast – June 2024
In Channel
Download from Google Play
Download from App Store
United States00:00
00:00
x
