Student Loan 4.167 or 41.67? Why is there no deduction?

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Felicia_soo
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Student Loan 4.167 or 41.67? Why is there no deduction?

Hi guys,

 

I have called the helpdesk before and was told to enter 41.67 as the deduction percentage at SLCIR. I did that and the deduction was the same (we used ACE software before MYOB). Then I have a new staff, so I created the tax code in the same way. But, i noticed there was just one student loan deduction, and then none afterward. The new staff is a casual (the staff I transfer from ACE was a full time), and earn around $350 max per week. is that the reason why there was no deduction for him? I set them up the same way, so I definately belief its rightly set up. any clue? am i supposed to use 41.67 for old (as in has been set up years ago) and 4.167 for recent staff? is this an update or something? 

 

p/s: full time staff used MSL code while the part time used MESL. does that make any different? Both has SLCIR set up for 41.67

 

Appreciate your advice. Thanks

Felicia

 

1 REPLY 1
Steven_M
MYOB Moderator
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MYOB Moderator
New Zealand
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Re: Student Loan 4.167 or 41.67? Why is there no deduction?

Hi @Felicia_soo 

 

The Student Loan threshold is $385 per week. If that value is not reached by the employee then no student loan amount will be calculated.:


IRD Website: Repaying my student loan when I earn salary or wages


Attachment.PNG

 

 

Kind regards,
Steven

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