New Student Loan Tax Codes

Go to: Payroll module > Employee Details > select employee.

From 1 April 2012 there are two new tax code combinations for student loans: SB SL and ML SL.

These new Tax Code fields have been added to the Employee Details window.

Use the SB SL tax code when you have employees who are using a secondary tax code and have an annual income from all sources of $14,000 or less.

Use the ML SL tax code for an employee who:

• is a New Zealand tax resident, and
• works 20 hours or more per week in all jobs with an income less than $9,880, and
• is not entitled to Working for Families Tax Credits, and
• is not a child or attending school, and
• earned income that was not student allowance or income tested benefit.

Student loan calculations have been added for these tax codes when the Pay Run is updated.

The new tax codes will be displayed in the following areas of the Payroll module:

• Active Employee List window
• Active Employee report sent to Excel
• Inactive Employee List window
• Inactive Employee report sent to Excel
• Employee Details report
• Employee Pay Records report
• Employee Leave Records report
• Employee Details window
• Transactions window
• Employer Monthly Schedule report
• EMS file.