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sarahh02's avatar
sarahh02
Experienced User
2 years ago

Final student loan

Hi there,

I have to do a final student loan payment.  I have read the info from Melisa_D and understand that I need to work out the % that the final payment will be.  In this case it is $35.63 which is 15.81% of $225.48.  All well and good.  BUT when I make the change to the employee on the SLCIR the total for the student loan is $225.48 + $35.63.  The fact that the employee still has a MSL tax code means the deduction is still being made as well.  BUT if I change the tax code to M then I cannot enter a % SLCIR for the final payment.

What next?

And under pressure too...

Thanks for your help 

Cheers Sarah

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  • Sean_DC's avatar
    Sean_DC
    MYOB Moderator
    2 years ago

    Hi sarahh02 

    Thank you for posting. 

     

    It's good to know that you were able to find her post helpful in calculating the deduction rate for SLCIR. The tax code shouldn't be changed to a different one from what the employee submitted. When entering a SLCIR, you can go to Payroll Menu >> Employees > Click on the employee's name >> Go to the Tax tab. A SLCIR deduction checkbox should appear below wherein you can tick the box next to the SLCIR deduction percentage and enter the required percentage that is sent by the IRD. 



    If the added SLCIR tax code is being added and not deducted, kindly reach out to your accountant as well for the calculation.



    Please feel free to post again. I'm happy to assist further.

     

    If my response has answered your enquiry please click "Accept as Solution" to assist other users to find this information.