Taxation Administration Act 1953 - Withholding Schedules 2005 (2004 Budget Changes)
Rounding of withholding amountsRounding of withholding amounts
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Rounding of withholding amounts
Withholding amounts calculated as a result of applying the above formulas should be rounded to the nearest dollar. Values terminating in exactly 50 cents are rounded to the next higher
dollar. This rounding should be done directly (that is, a preliminary rounding to the nearest cent should not be made).
Use these rounding rules across all scales, except Scale 4 (where tax file number not provided by payee). For Scale 4, cents are ignored when withholding amounts are calculated.
Image unavailable in extracted text Withholding amounts calculated using these formulas, where earnings exceed $3,200 fortnightly, $6,933.33 monthly or $20,800 quarterly, may vary slightly to those calculated using the method set out in the footnote to the appropriate PAYG withholding tax table.