Taxation Administration Act 1953 - Withholding Schedules 2005 (2004 Budget Changes)
Rounding of componentsRounding of components
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Rounding of components
The components have been rounded to the nearest dollar before converting to fortnightly components. 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 fortnightly earnings are $1,592.17.
Weekly equivalent of $1,592.17 = $796.99 ($1,592.17 ÷ 2, ignoring cents and adding 99 cents).
Weekly HECS or HELP component = $36.00 ($796.99 x 4.5%, rounded to the nearest dollar).
Fortnightly HECS or HELP component = $72.00 ($36.00 x 2).