Student Loan Special Deduction Rate Certificate

Experienced User MaryLou
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MaryLou
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Student Loan Special Deduction Rate Certificate

We use MYOB Payroll. An employee has a certificate from IRD stating their rate is to be 4 cents from each dollar of gross income. I have tried to enter it but the system is not working it out correctly. Was working it out correctly before the upgrade as was paying only 2 cents. In the SLBOR I had 1.2. Tried changing it to 1.4. How do I set this up so that I do not have to manually check each pay?

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MYOB Moderator Steven_M
22,926 Posts
MYOB Moderator
New Zealand
Steven_M
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Re: Student Loan Special Deduction Rate Certificate

Hi @MaryLou

 

You mentioned that your employee has a special Student Loan rate, generally, you enter this special student rate in the Employee Details - Special SL Rate % field for that employee. This would typically be used for when the employee has been issued with a special rate for student loan deductions by the IRD, instead of the standard deduction rate.

 

SLBOR, which you mentioned, is used for voluntary extra deductions and is generally an employee's decision that they have possibly discussed with the IRD to repay their loan faster.  You also have the SLCIR, which is when the IRD requires you to make compulsory extra deductions and you generally have a letter from the IRD to dictate that. MYOB Payroll Support Note: Student loan deductions has more information on these type of deductions.


Kind Regards,
Steven
MYOB Client Support
Experienced User MaryLou
19 Posts
Experienced User
New Zealand
MaryLou
Experienced User

19Posts

3Kudos

1Solutions

Re: Student Loan Special Deduction Rate Certificate

Great. Exactly where you said it was. Thank you for your help

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