CTHRepealedLegislation
Taxation Administration Act 1953 - Withholding Schedules 2005 (2004 Budget Changes)
Calculating the fortnightly, monthly or Calculating the fortnightly, monthly or quarterly HECS or HELP component
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Calculating the fortnightly, monthly or quarterly HECS or HELP component
First calculate the weekly equivalent of fortnightly, monthly or quarterly earnings where paid:
fortnightly, divide the sum of the fortnightly earnings by 2, ignore cents in the result and add 99 cents
monthly, take the sum of the monthly earnings – if this amount ends in 33 cents, add 1 cent – and multiply this amount by 3/13, ignore cents in the result and add 99 cents, or
quarterly, divide the sum of the quarterly earnings by 13, ignore cents in the result and add 99 cents.
Fortnightly, monthly or quarterly HECS or HELP components should now be calculated. You calculate:
fortnightly components – by determining the rounded weekly HECS or HELP component applicable to the weekly equivalent of earnings, and multiplying this amount by 2
monthly components – by determining the rounded weekly HECS or HELP component applicable to the weekly equivalent of earnings, and multiplying this amount by 13/3 and rounding the result to the nearest dollar, or
quarterly components – by determining the rounded weekly HECS or HELP component applicable to the weekly equivalent of earnings and multiplying this amount by 13.