|  |
Student Loan Voluntary Repayments SLBOR
 | 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.
 | From Calculate Pays click Options. If the employee has a student loan tax code there are additional options as circled. |
 | Select Voluntary from the above screen, then enter the required amount in the screen below. |
- 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.. |
| 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.. |
| Monthly and twice monthly PAYE returns
All employers need to pay their PAYE either once or twice a month more.. | Ace Payroll FAQ Contents All the most common Ace Payroll questions grouped by categories in a short table of key words more.. |