Adding an SLBOR deduction (New Zealand)
For employees that have a student loan the IRD has stated that they use a tax code with the suffix of SL, ie: M SL, S SL, etc. With the 1st April 2012 changes the IRD bought in two additional loan repayment types for employees with a student loan: SLBOR for voluntary loan repayments and SLCIR for repayments required by the Commissioner of Inland Revenue.
- Go to the Employee Details tab of Employee Maintenance
- Tick the SLBOR box on the Employee Details tab of Employee Maintenance then tick the Apply SLBOR box in the window that appears.
- If there may be cases where the net pay may not be enough to cover the deduction then tick the option Make a part deduction.
- Set the Calculation Method to be used for the deduction.
- If the Fixed Dollar Amount has been selected, enter the amount that the employee wishes to have deducted each pay period. If either of the options - % of Gross Pay or % of Gross Pay over Threshold has been selected then enter the % figure that is to be deducted each pay cycle.
- Click on the Save:F10 button or press F10 to save these settings.
- When saving the settings, the system will generate a warning that the new settings will overwrite any existing settings. If the settings are correct then click on Yes and the settings will be saved.
Once the settings have been saved, each time a pay is processed then the SLBOR deduction will be taken out of the pay until the SLBOR settings have been removed.
Need more help? You can open the online help by pressing F1 on your keyboard while in your software.
You can also find more help resources on the MYOB Exo Employer Services Education Centre for Australia or New Zealand.