CTHRepealedLegislation
Taxation Administration Act 1953 - Withholding Schedules 2005 (2004 Budget Changes)
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Taxation Administration Act 1953 - Withholding Schedules 2005 (2004 Budget Changes)
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Turn the raw legal text into a practical explanation grounded in Taxation Administration Act 1953 - Withholding Schedules 2005 (2004 Budget Changes).
Scale 2 or Scale 6 applied
Where a payee has answered Yes to question 9 and No to question 12 on the Medicare levy variation declaration:
WFT = $509.88 (26514 ÷ 52 rounded to the nearest cent).
Where a payee has answered Yes to question 12 on the Medicare levy variation declaration, you need to:
(a) multiply the number of children shown at question 12 by 2464 and add the result to 26514
(b) divide the result of (a) by 52, and
(c) round the result of (b) to the nearest cent.
Example: If the payee has shown 4 dependent children against question 12:
WFT = ((2464 × 4) + 26514) ÷ 52
= 699.4231
or $699.42 (rounded to the nearest cent)
Scale 7 applied
Where a payee has answered Yes to question 9 and No to question 12 on the Medicare levy variation declaration:
WFT = $516.04 (i.e. 26834 ÷ 52 rounded to the nearest cent).
Where a payee has answered Yes to question 12 on the Medicare levy variation declaration, you need to:
(a) multiply the number of children shown at question 12 by 2464 and add the result to 26834
(b) divide the result of (a) by 52 and
(c) round the result of (b) to the nearest cent.
Example: If the payee has shown 2 dependent children against question 12,
WFT = ((2464 × 2) + 26834) ÷ 52
= 610.8077
or $610.81 (rounded to the nearest cent)