Secondary job + student loan (total PAYE income $15,601–$53,500) (2026-27).
Take-home on S SL — 2026-27 IRD rates
Annual deductions for someone paid on code S SL. Numbers below include income tax, ACC earner's levy, and student loan (where applicable). KiwiSaver is not included — add your chosen rate on top.
Annual gross
Income tax (PAYE)
ACC levy
Student loan
Take-home
Effective rate
$10,000
$1,750
$175
$1,200
$6,875
31.3%
$20,000
$3,500
$350
$2,400
$13,750
31.3%
$30,000
$5,250
$525
$3,600
$20,625
31.3%
Source: IRD published 2026-27 tax brackets, ACC earner's levy 1.75%, student-loan rate 12% over $24,128. See full PAYE calculator for any income and pay period.
Who should use S SL?
Use S SL on your non-main job when your TOTAL annual PAYE income (all jobs, NZ Super and benefits) is $15,601 to $53,500 AND you have an NZ student loan. Deductions on this job: 17.5% income tax + 12% SL = 29.5% from the first dollar.
When to switch from S SL
SB SLTotal PAYE income drops to $15,600 or less.
SH SLTotal PAYE income rises to $53,501–$78,100.
SStudent loan is paid off.
Common mistakes with S SL
⚠12% SL applies from dollar one on this job — no threshold. If your total salary or wages for the year come to less than $24,128, you will have repaid more than the 12% of income above the annual repayment threshold, but a deduction that matches the code is treated as full and final (Student Loan Scheme Act 2011 s 64) and is not refunded through an IR3 or automatic assessment when your income is all salary or wages. A special deduction rate for your unused repayment threshold (ss 42 and 45) is how to avoid it.
⚠SL is not a tax code on its own: it is the student loan repayment code, combined with your tax code (Student Loan Scheme Act 2011 s 34(1), (3)(a)). S SL is the S secondary code with SL added.
SL is not a separate code. It is the student loan repayment code for every NZ-based borrower who earns salary or wages, and it is combined with the tax code: M SL or ME SL on a main job, and SB SL / S SL / SH SL / ST SL / SA SL on a second job, chosen by your total PAYE income.
Do I keep 12% SL deduction after my loan balance goes to zero?
Until IRD informs your employer in writing. Submit IR330 with the student-loan checkbox unticked once IRD confirms the loan is cleared.
