An employee is due to finish paying off their student loan in 2 weeks' time. The IRD has sent a letter saying I will need to adjust the final payment, as it will be less than the normal deduction. I can't find anywhere to manually change the student loan deduction amount—only PAYE. Any advice?
Hi DTR_LTD,
Thanks for your post and welcome to the Community Forum ! This Help Article IRD letter for varying student loan repayment rate (SLCIR) has information and instructions on how to calculate the new rate in your software.
I hope this helps, do let me know how you go.
Thank you Melisa, but that page is not relevant to my problem. The usual weekly deduction is $82.92, but the very final payment to clear the student loan is $70.75 (nothing to do with SLCIR). So I am trying to adjust the final payment so that the employee doesn't over-pay.
Hi DTR_LTD,
Apologies I've misunderstood your question. I've spoken to our payroll team and they've advised that Essentials doesn't have the ability to manually override the amount for student loan calculations, you would need to calculate the amount as a percentage to enter into the student loan calculations. More information on this is available on this Help Article.
