Student loan compulsory deductions

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BeckieB
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BeckieB

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Student loan compulsory deductions

I have been told I have to do a compulsory deduction for a student loan underpayment for one of my staff members @ 41.67%.  Having read previous notes on this forum it tells me to put in 4.167 in the SLCIR code, however with the working papers that IRD have given me if I only put 4.167 in that code it is a significantly lower amount that their workings tell me I should be paying back.  However the maximum I can load is 5%? 

Is there another way to make a compulsory deduction or am I misunderstanding the ird workings?  Thank you

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Ultimate Partner jenniek
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jenniek
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Re: Student loan compulsory deductions

Hi @BeckieB 

4.167% is 41.67% of the student loan amount which is the correct amount to take.

Regards,
Jennie Kingma
JK Business Systems Ltd, Hamilton, NZ
Email: jennie@jkbusiness.co.nz
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