Ending standard student loan repayments (New Zealand)

When an employee pays off their entire student loan, the following events occur:

Inland Revenue

The IRD sends the employee a final statement to tell him that their loan account has been closed.

Employee

The employee needs to change their tax code so they:

1. Fill out a Tax code declaration form (IR 330).
2. Give the Tax code declaration form to their employer.
3. Check that they are on the correct tax code on their next payslip.

Employer

1. Uses the information in the employee's Tax code declaration form to change the tax code in the employee's record.
2. Deletes any student loan deductions from the employee's permanent transactions.

What's next?

Student loan grid reports (New Zealand)