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Do not delete= this page - MYOB Practice navigates to it from within the product= strong>
New Zealand only. Individuals and New Zealand tax residents only.
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 1= , 2 or 3.
If you open the interim student loan tax notice, you=E2=80=99ll see a de= tailed breakdown of the amount due. These notices are in addition to any provisional tax not= ices.
=20MYOB Practice inte= rim student loan notices only support:
If the status of the tax retu= rn is approved or later, we automatically select the last tax year as the <= strong>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=E2=80=99ll use the year before la= st as the Basis year.
If there=E2=80=99s no assessed, filed or approved tax return for last ye= ar nor for the year before last, we=E2=80=99ll use the year before last=E2= =80=99s return as the Basis year, which will have a Not St= arted or Draft status.
You can, however, change the basis year back to the last tax year. If th= ere's no tax return data for the selected basis year, the tax notice will b= e pre-filled using Inland Revenue assessment data, if available.
=20The basis value di= splays the status of the tax return that's used as the basis for the studen= t loan. That status will be Not Started, Draft, Approved, Filed or Assesse= d.
Draft could be In progress, In review or= Ready for client.
Approved could be Pending client = signature, Ready to file or Rejected.
The payable amount shows how the interim instalment amount is calculated= .
It adds the uplift from the basis year to calculate the total payable in= terim loan amount for the year, before adding any payments and transfers ma= de to Inland Revenue up until the instalment's due date. It also includes e= xpected 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 tha= t you check that amounts of any in-progress notices are correct before send= ing the notices for approval.
Expected payments appear in Data reconc= iliation when the return is filed or when a transaction has been manually a= dded in Data reconciliation.
When a tax return assessment is reconcil= ed in Data reconciliation, you=E2=80=99ll see an alert on the Tax notices p= age 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 Sen= d for rework on the notice to change the status back to in-progress, which updates the notice amounts.=
Learn mor= e about how transactions work in the Tax notices workflow and the Data reconciliation workflow.