Known issue 2014.01 (resolved): STC code ignoring the threshold for student loan repayments (New Zealand)

The following issue has been identified and subsequently replicated by MYOB Exo Employer Services Support in Exo Payroll version 2014.01 for New Zealand.

Issue

Support has confirmed that when an employee has a Tax Code of STC with Student Loan being deducted and the Student Loan calculation is to include the threshold, Exo Payroll is ignoring the Student Loan Threshold and is calculating the Student Loan amount on the entire value of the pay.

This means that the Student Loan amount will be too high in the pays. 

Workaround

Override the PAYE figures in the pay to the correct total PAYE amount, even though the Student Loan figures are incorrect. When filing the IR345 and IR348 files to IRD, change the figures to the correct totals for PAYE and Student Loan.

Resolution

This issue has been progressed through to Product Development via parent ticket 18369633795 and has been subsequently resolved in version 2014.02

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.