Taxation Administration Act 1953 - Withholding Schedules 2005 (2004 Budget Changes)
Fortnightly, monthly or quarterly withhoFortnightly, monthly or quarterly withholding amounts
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Fortnightly, monthly or quarterly withholding amounts
First calculate the weekly equivalent of fortnightly, monthly or quarterly earnings as follows:
Where paid fortnightly, divide the sum of the fortnightly earnings and the amount of any allowances subject to withholding by 2. Ignore any cents in the result and then add 99 cents.
Where paid monthly, obtain the sum of the monthly earnings and the amount of any allowance subject to withholding (if the result is an amount ending in 33 cents, add 1 cent), multiply this amount by 3 and then divide by 13. Ignore any cents in the result and then add 99 cents.
Where paid quarterly, divide the sum of the quarterly earnings and the amount of any allowances subject to withholding by 13. Ignore any cents in the result and then add 99 cents.
Fortnightly, monthly or quarterly withholding amounts can now be calculated as follows:
Fortnightly withholding amounts
Fortnightly withholding amounts are calculated by determining the rounded weekly withholding amount applicable to the weekly equivalent of earnings, before any adjustment for FTB or tax offsets, then multiplying the result by 2. (See page 3 for FTB and tax offsets).
Monthly withholding amounts
Monthly withholding amounts are calculated by determining the rounded weekly withholding amount applicable to the weekly equivalent of earnings, before any adjustment for FTB or tax offsets, then multiplying that amount by 13, dividing the product by 3 and rounding that result to the nearest dollar.
Quarterly withholding amounts
Quarterly withholding amounts are calculated by determining the rounded weekly withholding amount applicable to the weekly equivalent of earnings, before any adjustment for FTB or tax offsets, then multiplying the result by 13.