How it works
Add SL to whatever code you'd otherwise use: M SL, ME SL, S SL, SH SL and so on. Your employer then takes student loan repayments with your tax.
How much comes out
- Main job (M SL, ME SL): 12% of what you earn over the repayment threshold.
- Second job (S SL etc.): 12% of everything that job pays, because your main job has already used the threshold.
IRD sets the repayment threshold each year — check its current figure on ird.govt.nz.
Overseas or earning under the threshold?
If you're overseas, different rules apply and you repay IRD directly. If your total income will be under the threshold, you may be able to apply for a repayment deduction exemption.
Check your own numbers. Use the tax code picker to get your code in a few taps.