CTHRepealedLegislation
Taxation Administration Act 1953 - Withholding Schedules 2005 (2004 Budget Changes)
When should the HELP component be calculWhen should the HELP component be calculated?
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When should the HELP component be calculated?
You will need to calculate the HELP component when a payee has provided you with a Tax file number declaration or Witholding declaration and has:
answered Yes to the question ‘Do you have an accumulated HECS or HELP debt?’
not claimed a HECS or HELP exemption on a Medicare levy variation declaration, and
earnings of:
– $690 or more if paid weekly
– $1,380 or more if paid fortnightly
– $2,990 or more if paid monthly, or
– $8,970 or more if paid quarterly
The HECS or HELP component is to be withheld from all earnings, including taxable allowances, bonuses and commissions. Do not withhold any amount for HECS or HELP from lump sum termination payments.