Taxation Administration Act 1953 - Withholding Schedules 2005 (2004 Budget Changes)
Family tax benefit (FTB) and tax offsetsFamily tax benefit (FTB) and tax offsets
Start here
Get a plain-English read of Family tax benefit (FTB) and tax offsets
Turn the raw legal text into a practical explanation grounded in Taxation Administration Act 1953 - Withholding Schedules 2005 (2004 Budget Changes).
Family tax benefit (FTB) and tax offsets
The withholding amount calculated using Scales 2, 5, 6 or 7 of the formulas is reduced as follows:
Weekly
1.9% of the total amount claimed at the FTB and tax offsets questions on the Withholding declaration (questions 8, 9 and 10 respectively), rounded to the nearest dollar.
Fortnightly
3.8% of the amount claimed at the FTB and tax offsets questions on the Withholding declaration, rounded to the nearest dollar.
Monthly
8.3% of the amount claimed at the FTB and tax offsets questions on the Withholding declaration, rounded to the nearest dollar.
Quarterly
25% of the amount claimed at the FTB and tax offsets questions on the Withholding declaration, rounded to the nearest dollar.