Taxation Administration Act 1953 - Withholding Schedules 2005 (2004 Budget Changes)
Fortnightly levy adjustmentFortnightly levy adjustment
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Fortnightly levy adjustment
Multiply rounded weekly levy adjustment by 2.
Example: Payee’s fortnightly earnings are $1132.42 and number of children claimed at question 12 is 1. Scale 2 is applied.
Equivalent weekly earnings = $1132.42 ÷ 2
= $566.21
x = 566.99
WFT = ((2464 × 1) + 26514) ÷ 52
= 557.2692 or $557.27 (rounded to the nearest cent).
SOP = (557.27 × 0.2) ÷ 0.1850
= 602.4541 or $602 (ignoring cents).
As x is greater than WFT and less than SOP, formula (3) is used:
WLA = (557.27 × 0.0150) – ((566.99 – 557.27) × 0.1850)
= 6.5609 or $7.00 (rounded to the nearest dollar).
The fortnightly levy adjustment is therefore $14.00 ($7.00 x 2).