In the July edition of SuperUpdate, we advised you of a new withholding variation that funds needed to apply to the withholding rates for their members who turn 60 during the 2007-08 financial year.
Unfortunately there was an error in the formulas contained in this variation, so we have issued a new withholding variation. This revised variation is based on formulas that more accurately estimates the final tax liability for these members.
To help, we have also provided look up tables. These show the amount that the normal rate of withholding should be reduced by in the year of a member’s 60th birthday.
Payers and software developers should implement this new variation as soon as possible. If you are not able to implement these changes immediately, we will not charge you any penalties.
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