CTHRepealedLegislation
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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).
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 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 weekly earnings of the payee.
Rounding of components
The components have been rounded to the nearest dollar. Values terminating in exactly 50 cents are rounded to the next higher dollar. The rounding has been done directly, that is, a preliminary rounding to the nearest cent should not be made.
EXAMPLE
Payee’s weekly earnings are $708.62.
HECS or HELP component = $28.00 ($708.99 x 4%, rounded to the nearest dollar).