Home      Contact      Index      FAQ's      Leave      Case Law      Purchase
Student Loan Voluntary Repayments
My employee wants to pay back more than the minimum student loan and has asked me to increase the amount I deduct each week. How does Ace Payroll do this?
  • It is quite normal for an employee to want to pay back more student loan than the standard student loan tax codes require.

  • Do this by overwriting the Usual Student Loan field in the Pay Calculation screen.



Go to Calculate Pays then select the employee.



Click the field on the Student Loan line, and in the Usual Amount column.

We have coloured the relevant cell yellow in the following screen.



The following dialog is shown.

Enter the amount the employee wants deducted each pay period.



To make the change effective immediately, update the student loan deduction in the current period Amount column as well.

Summary
Back to top
  • Entering a non standard student loan deduction in the Usual Amount column ensures that is the default deduction, rather than the amount specified by the tax code.

  • Entering a value in the Current Period column overwrites the value for the current pay period only.

  • Entering the value in both places makes the change effective immediately, and ensures the program automatically deducts the amount each pay period.

  • Note that no communication with the IRD is required for an employee to pay back more student loan than the minimum required.

More On Tax Codes and Rates

  Handling of GST increase in Ace Payroll   Student loan voluntary repayments
  Tax Changes on 1st October 2010   Student loan special tax codes
  Tax Code Entry   Tax rates are wrong
  Monthly printed tax table discrepancies   Deduct withholding tax at 0%
  Taxing of holiday pay   Deduct tax at a specified percentage
  Overwriting PAYE deductions   Payroll software IRD compliance
  Overwriting default PAYE & student loan   Twice monthly PAYE returns
  Tax Code entry   Tax cuts in terms everyone can understand
  Alphabetical Index FAQ Questions FAQ Contents Back to top
Copyright © 1985 - 2010 Ace Payroll
Feedback? E-Mail Us!
Call Toll Free
0800 223 729
Updated: 29th June 2010
Published: 9th August 2005
Back to top