30 May 07 Taxation Administration Act 1953 - Withholding Schedules 2007On 28 May 2007, the Commissioner of Taxation made an instrument pursuant to s 15-25 of Schedule 1 to the Taxation Administration Act 1953. The instrument makes publicly available the withholding schedules, which the Commissioner is empowered to make, specifying the amounts, formulas and procedures to be used for working out the amount required to be withheld by an entity in accordance with the pay as you go (PAYG) system.
The instrument contains 23 withholding schedules based on the threshold changes announced by the Treasurer in the 2007 Federal Budget and set out in the Tax Laws Amendment (Personal Income Tax Reduction) Bill 2007, currently before Parliament. The instrument also contains 4 additional schedules which have been made as a result of the commencement of the Simplified Super initiatives announced in the 2006 Federal Budget. Each schedule provides information for calculating the withholding amount taking into account the particular circumstances presented in the Schedule.
The instrument applies from 1 July 2007.
For a copy of the instrument, go here
For a copy of the Explanatory Material and the Schedules, click on ES/Supp Material