image

Student Loan Voluntary Repayments SLBOR

image

My employee wants to pay back more than the minimum student loan and has asked me to increase the amount I deduct each week. How does Ace Payroll do this?

  • It is quite normal for an employee to want to pay back more student loan than the standard student loan tax codes require.
  • Do this by setting up an SLBOR deduction.
  • This can be done from within Calculate Pays or from the Modify Employee screens.
image

From Calculate Pays click Options.

If the employee has a student loan tax code there are additional options as circled.

image
image

Select Voluntary from the above screen, then enter the required amount in the screen below.

image

  • Once a regular deduction is set up, everything follows automatically.
  • There is nothing extra to do each pay.
  • The voluntary student loan deduction is itemised in relevant IRD returns, meaning the employee receives full benefit from early repayment such as any excess repayment bonus.
  • Note that no communication with the IRD is required for an employee to pay back more student loan than the minimum required.

More On Tax Codes and Rates

Paying Contractors
How to set up a contractor covering items such as tax code, holiday pay and KiwiSaver more..
Tax Calculation Bills & Refunds
Tax bills & refunds, tax calculation checklist, monthly printed tax table discrepancies more..
April 2017 Changes
Recent legislative changes and Ace Payroll's latest newsletter more..
Tax Code Entry
Entry of tax codes, percentage tax deductions, student loan special tax codes, withholding tax at zero percent etc more..
Taxation of Holiday Pay
This article shows how easy it is to tax holiday pay according to IRD requirements more..
Overwriting PAYE Deductions
How to overwrite PAYE with your own value more..
Overwriting Default PAYE
How to overwrite an employee's default PAYE deduction more..
Student Loan Voluntary
How to pay back more than the minimum student loan more..
Payroll Software IRD Compliance
How you can be sure that Ace Payroll is fully IRD compliant more..
Twice Monthly PAYE
How do I pay my PAYE twice a month in Ace Payroll? more..
Alphabetical Index
The Ace Payroll alphabetical index provides links to all documentation more..
Ace Payroll FAQ Contents
All the most common Ace Payroll questions grouped by categories in a short table of key words more..