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Interim student loan notices

Individuals and New Zealand tax residents only.

Interim student loan

If your client has a student loan balance, MYOB Practice will create an interim student loan repayment notice. You can identify these on the Tax notices page by the Notice type value of Student 12 or 3.

Tax notices page's Notice type column highlighted showing Student 2 and Student 3

If you open the interim student loan tax notice, you’ll see a detailed breakdown of the amount due. These notices are in addition to any provisional tax notices.

MYOB Practice interim student loan notices only support:

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    an Interim payment option of Standard.

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    New Zealand tax residents. Don't send interim student loan notices in MYOB Practice if the client is not a New Zealand tax resident.
    You can mark the notice for these clients as not required and, optionally, advise the client using an alternative method. You or the client can use myIR to check what is due.
    You can check if a client is a non-resident in the client's Compliance settings.

    Non-resident No highlighted in the Entity details section

Interim basis

If the status of the tax return is approved or later, we automatically select the last tax year as the Basis year.

If there's no assessed, filed or approved tax return for last year, but there is one for the year before last, we’ll use the year before last as the Basis year.

If there’s no assessed, filed or approved tax return for last year nor for the year before last, we’ll use the year before last’s return as the Basis year, which will have a Not Started or Draft status.

You can, however, change the basis year back to the last tax year. If there's no tax return data for the selected basis year, the tax notice will be pre-filled using Inland Revenue assessment data, if available.

The basis value displays the status of the tax return that's used as the basis for the student loan. That status will be Not StartedDraftApprovedFiled or Assessed.

Draft could be In progress, In review or Ready for client.

Approved could be Pending client signature, Ready to file or Rejected.

Payable amount

The payable amount shows how the interim instalment amount is calculated.

It adds the uplift from the basis year to calculate the total payable interim loan amount for the year, before adding any payments and transfers made to Inland Revenue up until the instalment's due date. It also includes expected payments and transfers. This helps you offset any underpayments or overpayments from previous instalments.

If the uplifted total payable interim loan amount is greater than the Loan balance in the Student loan schedule, the total payable amount for the year will equal the Loan balance.

It's important that you check that amounts of any in-progress notices are correct before sending the notices for approval.

Expected payments appear in Data reconciliation when the return is filed or when a transaction has been manually added in Data reconciliation.

When a tax return assessment is reconciled in Data reconciliation, you’ll see an alert on the Tax notices page about tax return data being available. If you see this message, you can click to open and review the details and decide if you want to recalculate the notice amounts using the new data. You do this by clicking Send for rework on the notice to change the status back to in-progress, which updates the notice amounts.

Learn more about how transactions work in the Tax notices workflow and the Data reconciliation workflow.