Paying down your student loan if you should be used. What exactly is on this site

If you make wage or wages and possess a education loan, make use of the SL payment code together with your income tax rule. You need to make use of the taxation rule that is right for you personally. Allowing your boss understand how much to subtract for your education loan repayments.

Education loan payment deductions. Deductions are not made in the event that you:

Simply how much you repay to your education loan will depend on simply how much you get, and when it is your primary or job that is secondary.

  • Make below the pay duration repayment limit, or
  • Have payment deduction exemption.

Use our PAYE / KiwiSaver deductions calculator to check on simply how much your payment deductions is going to be.

Education loan repayments for the primary work

You repay 12% each and every buck attained on the payment threshold.

If you should be paid. Your payment limit is.

The payment thresholds are derived from the yearly payment limit of $19,760.

As an example, in the event that you get $600 a week before taxation your repayment is going to be $26.40 (($600 – $380) x 0.12 = $26.40).

In the event that you make underneath the repayment threshold no deductions will likely be made of your revenue.

You are able to just make use of an M taxation rule for advantages of Perform and Income. In the event that you also work, make use of tax that is secondary with SL for the job.

Inform us if you are having trouble together with your payment quantity. We may manage to provide some re payment choices.

Education loan repayments for the additional job(s)

You repay 12% on your earnings before taxation.