CTHRepealedLegislation
Taxation Administration Act 1953 - Withholding Schedules 2005 (2004 Budget Changes)
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Taxation Administration Act 1953 - Withholding Schedules 2005 (2004 Budget Changes)
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Turn the raw legal text into a practical explanation grounded in Taxation Administration Act 1953 - Withholding Schedules 2005 (2004 Budget Changes).
HELP component
The formulas comprise linear equations of the form y = ax, where y is the weekly HECS or HELP component expressed in dollars, and x is the number of whole dollars in the weekly earnings – or weekly equivalent of earnings – plus 99 cents. The value of the coefficient a for the formulas is shown in the table below.
| Weekly earnings — x$ | Component rate — a% |
|---|---|
| 0 – 689.99 | 0 |
| 690 – 768.99 | 4.0 |
| 769 – 848.99 | 4.5 |
| 849 – 893.99 | 5.0 |
| 894 – 960.99 | 5.5 |
| 961 – 1,040.99 | 6.0 |
| 1,041 – 1,095.99 | 6.5 |
| 1,096 – 1,206.99 | 7.0 |
| 1,207 – 1,286.99 | 7.5 |
| 1,287 & over | 8.0 |
The rates above apply to the total earnings of the payee.