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10 Jun 14 2014 PAYG withholding schedules made

On 29 May 2014 the ATO made a determination entitled Taxation Administration Act Withholding Schedules 2014 (legislative instrument F2014L00689; registered 10 June 2014).

The instrument makes withholding schedules, specifying the formulas and procedures to be used for working out the amount to be withheld by an entity under the pay as you go (PAYG) system, witn effect from 1 July 2014. The instrument contains 13 withholding schedules. Each schedule provides information for calculating the withholding amount, taking into account the particular circumstances presented in the schedule.

The withholding schedules facilitate the collection of income tax, Medicare levy, Temporary Budget Repair levy, Higher Education Loan Program and Financial Supplement repayments.

The withholding schedules are being updated because of an increase in the Medicare levy and the introduction of the Temporary Budget Repair levy which take effect from 1 July 2014, and to reflect the annual indexation of repayment thresholds for the Higher Education Loan Program and Financial Supplement repayments.

For the text of the Explanatory Statement, click on the Explanatory Statement tab.

To access the various schedules, click on the Download tab.

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