CTHRepealedLegislation
Taxation Administration Act 1953 - Withholding Schedules 2005 (2004 Budget Changes)
When should the SFSS component be calculWhen should the SFSS component be calculated?
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When should the SFSS component be calculated?
You will need to calculate the SFSS 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 Financial Supplement debt?’, and
earnings of:
– $749 or more if paid weekly
– $1,498 or more if paid fortnightly
– $3,245.67 or more if paid monthly, or
– $9,737 or more if paid quarterly.
The SFSS component is to be withheld from all earnings, including taxable allowances, bonuses and commissions. Do not withhold any amount for SFSS from lump sum termination payments.