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Student Funds Trust Deposit Exemption Rules 2022

PTEs are exempt from having to have a trust arrangement for student fees of $500 or less (GST incl)

If you prefer you can download these rules as a PDF:

Student Funds Trust Deposit Exemption Rules 2022 [PDF, 582 KB]

1. Authority

  1. These Rules are made under section 452(1)(u) of the Education and Training Act 2020.

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2. Commencement

  1. These Rules commence on the 28th day of the date of approval by the Minister under section 452(5) of the Act.

3. Interpretation

  1. In these Rules, unless the context otherwise requires:

Act means the Education and Training Act 2020

funds includes all components of any fee payable by or on behalf of a student (for example, a component includes accommodation costs and agents’ commissions)

independent trustee has the same meaning as in section 10(1) of the Act

micro-credential has the same meaning as in section 10(1) of the Act

programme has the same meaning as in section 10(1) of the Act

PTE means a private training establishment as defined in section 10(1) of the Act.

4. Exemptions

  1. Programmes and micro-credentials of the kind prescribed in rule 4.2 are, for the purposes of section 356(5)(a) of the Act, exempt from the requirement in section 356(1) of the Act for the funds paid by or on behalf of students to be deposited with an independent trustee approved by the New Zealand Qualifications Authority.
  2. The programmes and micro-credentials prescribed for the purposes of rule 4.1 are those for which the total funds payable by or on behalf of a student for the programme or micro-credential is $500 (GST inclusive) or less.

5. Revocation

  1. The Student Funds Trust Deposit Exemption Rules 2021 are revoked.

Explanatory note

This note is not part of these Rules, but is intended to indicate their general effect.

These Rules, which commence on the 28th day of the date of approval by the Minister under section 452(5) of the Act, prescribe an exemption for low value programmes and micro-credentials from the requirement in section 356(1) of the Act for the funds paid by or on behalf of students to be deposited with an independent trustee approved by the New Zealand Qualifications Authority.