Taxation Administration Act 1953 - Withholding Schedules 2005 (2004 Budget Changes)
Monthly levy adjustmentMonthly levy adjustment
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Monthly levy adjustment
Multiply rounded weekly levy adjustment by 13 and divide the result by 3. The result should be rounded to the nearest dollar.
Example: Payee’s monthly earnings are $1495.33 and has a spouse but no children. Scale 2 is applied.
Equivalent weekly earnings = (1495.33 + 0.01) × 3 ÷ 13
= $345.08
x = 345.99
WFT = $509.88
As x is greater than $325 and less than WFT, formula (2) applies:
WLA = 345.99 × 0.0150 = 5.1899 or $5.00 (rounded to the nearest dollar).
The monthly adjustment is therefore $22.00 ($5.00 × 13 ÷ 3, rounded to the nearest dollar).