You can apply for a special deduction rate to reduce your student loan repayments if you:
- have more than one job, including an income-tested benefit, student allowance or NZ Super
- use the SB SL or S SL tax code for your secondary job
- earn less than the repayment threshold from your main job.
You can apply for a special deduction rate in myIR. When you apply, you will need to provide:
- an estimate of your total earnings from your main and secondary jobs
- the pay frequency for each job.
If you get a special deduction rate this will run from the day you applied until the end of the current quarter.
|Quarter start date||Quarter end date|
|1 April||30 June|
|1 July||30 September|
|1 October||31 December|
|1 January||31 March|
You will need to apply for a new rate each quarter. You should apply before the next quarter starts to make sure you get the rate for the full quarter.
If you situation changes, your special deduction rate may change. Contact us to make sure you keep receiving the right entitlements and avoid any penalties.