NZ Tax Code SB SL
Secondary job + student loan (combined income ≤ $15,600) (2026-27).
Take-home on SB SL — 2026-27 IRD rates
Annual deductions for someone paid on code SB 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 |
|---|---|---|---|---|---|
| $5,000 | $525 | $88 | $600 | $3,788 | 24.3% |
| $10,000 | $1,050 | $175 | $1,200 | $7,575 | 24.3% |
| $15,000 | $1,575 | $263 | $1,800 | $11,363 | 24.3% |
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 SB SL?
Use SB SL on your non-main job when your TOTAL annual PAYE income (all jobs, NZ Super and benefits) is $15,600 or less AND you have an NZ student loan. Deductions: 10.5% income tax + 12% student-loan repayment from the first dollar on this job. Total deduction on this job: 22.5% from $1.
When to switch from SB SL
- S SL Combined income is $15,601–$53,500.
- SB Student loan is paid off.
Common mistakes with SB SL
- ⚠Unlike the primary SL codes (M SL / ME SL), secondary SL codes deduct 12% from the FIRST dollar earned on that job — there is no per-pay threshold.
- ⚠If your combined income is only ~$15k, you will overpay on the secondary job — IRD refunds the excess SL at the end of the tax year if you file an IR3 or get an auto-assessment.
Unsure this is the right code? Use our tax-code checker wizard (2 to 3 questions), or jump to the full PAYE calculator for any income and pay period.
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Frequently asked questions
Why does my SL come out at 12% from $1 on my second job?
Because you get only ONE student-loan threshold per year, and it is applied to your primary job. Secondary jobs deduct 12% from the first dollar to avoid under-collection across multiple employers.
Can I request an SL repayment deduction rate reduction?
Yes. If you can prove you will over-repay, you can apply to IRD for a "Special Deduction Rate" (SDR) under sections 42 and 45 of the Student Loan Scheme Act 2011 (for an unused repayment threshold). Approval is granted case-by-case.