Taxation Administration Act 1953 - Withholding Schedules 2005 (2004 Budget Changes)
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has not:
quoted their TFN
claimed an exemption from quoting, or
advised that they have applied for a TFN or have made an enquiry with the Tax Office
you must withhold an amount equal to 48.5% of the payment, ignoring any cents.
If a payee states at question 1 of the Tax file number declaration that they have lodged a Tax file number application or enquiry with the Tax Office, the payee has 28 days to give you their TFN.
At the end of this time, if the payee has not given you their TFN, unless the Tax Office tells you not to, you must withhold 48.5% from the total amount of all payments made to the payee, ignoring any cents.
Image unavailable in extracted text Do not allow any family tax benefit (FTB), tax offsets or Medicare levy adjustment. Do not add amounts for HECS, HELP or SFSS.