Weekly Tax Table - Australian Taxation Office

2y ago
28 Views
2 Downloads
1.15 MB
12 Pages
Last View : 19d ago
Last Download : 2m ago
Upload by : Aiyana Dorn
Transcription

NAT 1005Pay as you go (PAYG) withholdingWeekly tax tableFor payments made on or after 1 July 2014Using this tableYou should use this table if you make any of the followingpayments on a weekly basis: salary, wages, allowances and leave loading to employees paid parental leave to an eligible worker director’s fees salary and allowances to office holders (including membersof parliament, statutory office holders, defence forcemembers and police officers) payments to labour hire workers payments to religious practitioners government education or training payments compensation, sickness or accident payments that arecalculated at a periodical rate and made because a personis unable to work (unless the payment is made under aninsurance policy to the policy owner).Also use the foreign resident tax rates in this table for paymentsmade to foreign residents.Other tax tables may apply if you made payments to shearers,workers in the horticultural industry, performing artists andthose engaged on a daily or casual basis.For a full list of tax tables, visit our website atato.gov.au/taxtablesWe have a calculator to help work out the correctamount of tax to withhold from payments to mostemployees. To access the calculator, visit our websiteat ato.gov.au/taxwithheldcalculatorNAT 1005-05.2014Working out thewithholding amount1 Calculate your employee’s total weekly earnings – add anyallowances and irregular payments that are to be includedin this week’s pay to the normal weekly earnings, ignoringany cents.2 In column 1, find your employee’s total weekly earnings.3 Use the appropriate column to find the correct amount towithhold. If your employee is–– claiming the tax-free threshold, use column 2–– not claiming the tax-free threshold, use column 3.4 If your employee has an end-of-year entitlement to a taxoffset, use the ‘Ready reckoner for tax offsets’ to convertthe employee’s estimate of their full-year entitlement intoa weekly offset value. Then subtract this value from thewithholding amount found in step 3.5 If your employee is entitled to make an adjustment forthe Medicare levy, subtract the value of the adjustment,determined from the Medicare levy adjustment weekly taxtable (NAT 1010) from the amount found in step 4.6 If your employee has advised you of an accumulated HigherEducation Loan Program (HELP) or Financial Supplement(FS) debt, add the amount determined from the HELP weeklytax table (NAT 2173) or SFSS weekly tax table (NAT 3306) tothe amount you calculated in step 5.Do not allow for any tax offsets or Medicare levyadjustment if any of the following apply: you use column 3 you use foreign resident tax rates employee has not provided you with their TFN.

When a TFN has not been providedExampleAn employee has weekly earnings of 563.60.To work out the correct amount to withhold, ignore cents,use column 1 and find 563.If the employee is: claiming the tax-free threshold, use column 2 to findthe correct amount to withhold ( 51). not claiming the tax-free threshold, use column 3 tofind the correct amount to withhold ( 152).When there are 53 pay periods ina financial yearIn some years, you may have 53 pay periods instead of theusual 52. As this table is based on 52 pays, the extra paymay result in insufficient amounts being withheld. You shouldlet your employees know when this occurs so if they areconcerned about a shortfall in tax withheld, they can askyou to withhold the additional amount in the table below.Weekly earnings Additional withholding 725 to 1,52431,525 to 3,44943,450 and over10Using a formulaThe withholding amounts shown in this table can be expressedin a mathematical form.If you have developed your own payroll software package, referto Statement of formulas for calculating amounts to be withheld(NAT 1004) available on our website at ato.gov.au/taxtablesTax file number (TFN)declarationsThe answers your employees provide on their Tax file numberdeclaration (NAT 3092) determine the amount you need towithhold from their payments. A Tax file number declarationapplies to any payments made after you receive the declaration.If you receive an updated declaration from an employee, it willoverride the previous one.If an employee does not give you a valid Tax file numberdeclaration within 14 days of starting an employer/employeerelationship, you must complete a Tax file number declarationwith all available details of the employee and send it to us.2 You must withhold 49% from any payment you make to aresident employee and 47% from a foreign resident employee(ignoring any cents) if all of the following apply: they have not quoted their TFN they have not claimed an exemption from quoting their TFN they have not advised you that they have applied for a TFNor have made an enquiry with us.If an employee states at question 1 of the Tax file numberdeclaration they have lodged a Tax file number – application orenquiry for individuals (NAT 1432) with us, they have 28 daysto provide you with their TFN.If the employee has not given you their TFN within 28 days, youmust withhold 49% from any payment you make to a residentemployee and 47% from a foreign resident employee (ignoringany cents) unless we tell you not to.Do not allow for any tax offsets or Medicare levyadjustments. Do not withhold any amount for: Higher Education Loan Program (HELP) debts Financial Supplement (FS) debts.When your employee has a HELP orFS debtIf your employee has an accumulated HELP or FS debt,you may need to withhold additional amounts from theirpayments. Your employee will notify you on their Tax filenumber declaration or Withholding declaration.To calculate additional withholding amounts for: HELP debts, refer to Higher Education Loan Programweekly tax table (NAT 2173) FS debts, refer to Student Financial SupplementScheme weekly tax table (NAT 3306).If your employee has not given you their TFN, do notwithhold any amount for HELP or FS debts.AllowancesGenerally, allowances are added to normal earnings andthe amount to withhold is calculated on the total amount ofearnings and allowances.For more information, refer to Withholding from allowances(NAT 5448).Weekly tax table

Holiday pay, long serviceleave and employmenttermination paymentsEmployees who continue workingfor youYou must include holiday pay (including any leave loading) andlong service leave payments as part of normal earnings, exceptwhen they are paid on termination of employment.For more information, refer to Withholding from annual andlong service leave for continuing employees (NAT 7138).Employees who stop working for youThis tax table does not cover any lump sum payments madeto an employee who stops working for you.ExampleAn employee has weekly earnings of 563 and, if usingcolumn 2, the amount to be withheld is 51.The employee claims a tax offset entitlement of 1,000 ontheir Withholding declaration.Using the ‘Ready reckoner for tax offsets’, the weeklyvalue is 19.The total amount to be withheld is worked out as follows:Amount to be withheld on 563 51.00less weekly offset value 19.00Total amount to be withheld 32.00Ready reckoner for tax laimedWeeklyValueMonthlyValueIf an employee has unused annual leave, leave loading or longservice leave, refer to Tax table for unused leave payments ontermination of employment (NAT 3351). 1——4008.0033.00Any other lump sum payments may be employment terminationpayments, refer to Tax table for employment terminationpayments (NAT 0071.007—1.0090017.0075.00Leave loading8—1.00100019.0083.00If you pay leave loading as a lump sum, you need to use Taxtable for back payments, commissions, bonuses and similarpayments (NAT 3348) to calculate 0097.00If you pay leave loading on a pro-rata basis, add the leaveloading payment to the earnings for that period to 04.00150029.00125.00571.005.00160030.00133.00If your employee chooses to claim their entitlement to a taxoffset through reduced withholding, they must provide you witha Withholding 033.00145.00To work out the employee’s annual tax offset entitlementinto a weekly value, use the ‘Ready reckoner for tax offsets’.Deduct the weekly amount from the amount shown in column 2of the 0057.00249.00Do not withhold any amount for HELP or FS debts fromlump sum termination payments.Claiming tax offsetsDo not allow for any tax offsets if any of the followingapply: you are using column 3 you are using foreign resident rates when an employee does not provide you with their TFN.If the exact tax offset amount claimed is not shown in the readyreckoner, add the values for an appropriate combination.Weekly tax table 3

ExampleTax offsets of 422 claimed. For a weekly value addvalues of 400, 20 and 2 from the weekly valuecolumn. 8.00 0.00 0.00 8.00Therefore, reduce the amount to be withheld from weeklypayments by 8.00.Withholding declarationsAn employee may use a Withholding declaration (NAT 3093) toadvise you of a tax offset they choose to claim through reducedwithholding from you.Employees can also use a Withholding declaration toadvise you of any changes to their situation that may affectthe amount you need to withhold from their payments.Changes that may affect the amount you need to withholdinclude: becoming or ceasing to be an Australian resident for taxpurposes claiming or discontinuing a claim for the tax-free threshold advising of a HELP or FS debt, or changes to them entitlement to a seniors and pensioners tax offset upward variation to increase the rate or amount to bewithheld.When your employee provides you with a Withholdingdeclaration it will take effect from the next payment you make.If you receive an updated declaration from an employee, it willoverride the previous one.An employee must have provided you with a valid Tax filenumber declaration before they can provide you with aWithholding declaration.When your employee is aforeign residentIf your employee has answered no to the question ‘Are you anAustralian resident for tax purposes?’ on their Tax file numberdeclaration, you will need to use the foreign resident tax rates.There are two ways you can withhold from a foreign resident’searnings: if they have not given you a valid TFN, you need to withhold47% for each 1 of earnings (ignoring any cents). if they have given you a valid TFN, you need to withhold theamount calculated in the foreign resident tax rates below,rounding any cents to the nearest dollar.Foreign resident tax ratesWeekly earnings Weekly rate0 to 1,53832.5 cents for each dollar ofearnings1,539 to 3,462 500 plus 37 cents for each 1 of earnings over 1,5383,463 and over 1,212 plus 47 cents foreach 1 of earnings over 3,462Generally, foreign resident employees cannot claim tax offsets.In limited circumstances, they may be entitled to claim a zoneor overseas forces tax offset. If your foreign resident employeehas claimed a tax offset on their Tax file number declaration,you don’t need to make any adjustments to the amount youwithhold.PAYG withholdingpublicationsMedicare levy adjustmentYou can access all PAYG withholding tax tables and otherPAYG withholding publications quickly and easily from ourwebsite at ato.gov.au/paygwTo claim the Medicare levy adjustment available to some lowincome earners with dependants, your employee must lodge aMedicare levy variation declaration (NAT 0929) with their Tax filenumber declaration.Copies of weekly and fortnightly tax tables are available fromselected newsagents. Selected newsagents also hold copiesof the following: Tax file number declaration (NAT 3092) Withholding declaration (NAT 3093).Some employees may be liable for an increased rate ofMedicare levy or the Medicare levy surcharge as a result ofnew income tests. They can lodge a Medicare levy variationdeclaration, requesting you to increase the amount to bewithheld from their payments.For instructions on how to work out the Medicare levyadjustment, refer to Medicare levy adjustment weekly taxtable (NAT 1010).4 Weekly tax table

Weekly tax tableAmount to be withheldWithWeeklytax‑free No tax‑freeearnings threshold threshold123 nt to be withheldWithWeeklytax‑free No tax‑freeearnings threshold threshold123 9.00—38.00170.00—38.00Amount to be withheldWithWeeklytax‑free No tax‑freeearnings threshold threshold123 3.00—57.00254.00—57.00255.00—58.00Amount to be withheldWithWeeklytax‑free No tax‑freeearnings threshold threshold123 8.00—77.00339.00—77.00340.00—77.00Amount to be withheldWithWeeklytax‑free No tax‑freeearnings threshold threshold123 eekly tax table 5

Weekly tax tableAmount to be withheldWithWeeklytax‑free No tax‑freeearnings threshold threshold123 39.00133.00509.0040.00134.00510.0040.00134.006 Amount to be withheldWithWeeklytax‑free No tax‑freeearnings threshold threshold123 8.00523.0043.00139.00524.0043.00139.00525

Tax file number (TFN) declarations The answers your employees provide on their Tax file number declaration (NAT 3092) determine the amount you need to withhold from their payments. A Tax file number declaration applies to any payments made after you receive the declaration. If you receive an updated declaration from an employee, it will

Related Documents:

Taxation Law 1 Taxation Law 2 I. General Principles of Taxation II. National Internal Revenue Code of 1997 as amended (NIRC) I. General Principles of Taxation A. Definition and Concept of Taxation B. Nature of Taxation C. Characteristics of Taxation D. Power of Taxation Compared E. Purpose of Taxation .

Griffith University BB13A11 Taxation 2 CTA2 Advanced Griffith University LAW3103G Taxation law CTA2 Advanced ICAA Various Taxation, or Taxation and financial reporting CTA2 Advanced James Cook University CO3504 Taxation II CTA2 Advanced La Trobe University ATA3 Advanced taxation 3 CTA2 Advanced La Trobe Univ

3. Two basic concepts of pension taxation: CIT and EIT Part II: The Taxation of Cross-Border Pensions: Issues and proposal (Genser) 4. The state of cross-border taxation of pensions 5. The double fairness dilemma of back-loaded pension taxation –for countries and individuals 6. The proposal: Front-loading taxation under three payment options

Australian Patent No. 692929 Australian Patent No. 708311 Australian Patent No. 709987 Australian Patent No. 710420 Australian Patent No. 711699 Australian Patent No. 712238 Australian Patent No. 728154 Australian Patent No. 731197 PATENTED NO. EP0752134 PATENTED NO.

Stamp Duty 83 Tax Payments and Tax Return Filing 85 Monthly tax obligations, Annual tax obligations, Early tax refunds Accounting for Tax 91 Tax Audits and Tax Assessments 93 Tax Collection Using Distress Warrant 100 Tax Dispute and Resolution 102

New York State Withholding Tax Tables and Methods Effective July 1, 2021 The information presented is current as of the publication’s print date. Visit our website at www.tax.ny.gov for up-to-date information.File Size: 278KBPage Count: 22Explore further2020 tax tableswww.tax.ny.gov2021 Income Tax Withholding Tables Changes & Exampleswww.patriotsoftware.comWithholding tax forms 2020–2021 - current periodwww.tax.ny.govWithholding tax amount to deduct and withholdwww.tax.ny.govWithholding taxwww.tax.ny.govRecommended to you b

401(k) 457 Roth IRA Traditional IRA Lower tax bill now! Tax-free growth! Tax deferred growth! Tax deferred Tax deferred After-tax deposits May be tax-deductible Pay income tax Pay income tax Tax-free Pay income tax when withdrawn when withdrawn withdrawals when withdrawn Deposits Payroll-deduction (if allowed by employer) Rollovers

Guide to Taxation and Investment in Georgia 2016 Table of Contents Business and Investment Environment 3 Taxation in Georgia14 Tax & Legal contacts — Georgia 44 Office locations 45. 3 Guide to Taxation and Investment in Georgia 2017 Business and Investment Environment. 4 Guide to Tax