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

In the event that you earn income or wages and have now a education loan, make use of the repayment that is SL along with your income tax rule. It is critical to make use of the taxation rule that is right for you personally. Allowing your manager discover how much to subtract for the education loan repayments.

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

Exactly how much you repay to your education loan is based on just how much you get, if it is your primary or additional task.

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

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

Education loan repayments for the primary task

You repay 12% of each and every buck received throughout the payment limit.

If you are compensated. Your payment limit is.
Weekly
Fortnightly Four-weekly

The payment thresholds are derived from the repayment that is annual of $19,760.

For instance, in the event that you make $600 per week before taxation your payment may be $26.40 (($600 – $380) x 0.12 = $26.40).

In the event that you make underneath the payment threshold no deductions would be made of your revenue.

You’ll just use an M income tax 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 work.

Tell us if you should be having trouble together with your payment quantity.