Thankyou Payroll HelpThankyou Payroll help Employee SettingsSpecial Tax Codes, adding different student loan rates

Special Tax Codes, adding different student loan rates

There will be times when IRD will make contact with you or your employee to request an alteration to their tax code using a special deduction rate for student loan. These rates could be described as either a percentage or a dollar value per dollar, e.g. 2 cents per dollar (2%).

Make this change before adding the employee to your next pay run. 

Go to the 'standard pay' tab in the employee's profile. 

Select STC (special tax code) from the Tax code drop down menu. 

Select the correct tax code to alter.

Enter the number of cents per dollar or the percentage that the IRD have asked you to deduct.

Remember to click Save, and set yourself a reminder to change the tax code back on the date specified in the letter from IRD.