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  • Schedule 8 – Statement of formulas for calculating Higher Education Loan Program (HELP), Trade Support Loan (TSL) and Student Financial Supplement Scheme (SFSS) components

    The coefficients in this schedule should be used together with the Statement of formulas for calculating amounts to be withheld (NAT 1004).

    Attention

    For payments made from 1 July 2015 to 30 June 2016

    This document is a withholding schedule made by the Commissioner of Taxation in accordance with sections 15-25 and 15-30 of Schedule 1 to the Taxation Administration Act 1953 (TAA). It applies to withholding payments covered by Subdivisions 12-B (except sections 12-50 and 12-55), 12-C (except sections 12-85 and 12-90) and 12-D of Schedule 1 to the TAA.

    End of attention

    Using this schedule

    Attention

    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    You should use this schedule if you develop your own payroll software package. Formulas and coefficients are used for calculating weekly withholding amounts for employees who have a:

    • Higher Education Loan Program (HELP) debt
    • Trade Support Loan (TSL) debt or
    • Financial Supplement (FS) debt.

    Find out more

    Our calculator can help you work out the correct amount of tax to withhold from payments to most employees. To access the calculator, refer to Tax withheld calculator.

    End of find out more

    Get it done

    You can download a printable version of Statement of formulas for calculating Higher Education Loan Program (HELP), Trade Support Loan (TSL) and Student Financial Supplement Scheme (SFSS) components (NAT 3539, 792KB) in Portable Document Format (PDF).

    End of get it done

    Using a formula

    The withholding amounts for employees who have a HELP/TSL or Financial Supplement debt can be expressed in a mathematical form.

    If you have developed your own payroll software package, you can use the formulas and component rates outlined below.

    The formulas comprise linear equations of the form y = ax, where:

    • y is the weekly HELP/TSL or SFSS component
    • x is the weekly earnings - or weekly equivalent of earnings - rounded down to whole dollars plus 99 cents
    • a is the value of the component rate as shown in the following tables.

    HELP/TSL component rates

    Tax-free threshold claimed or foreign resident

    Weekly earnings – x
    $

    Component rate – a
    %

    0 - 1,039.99

    -

    1,040.00 - 1,158.99

    4.0

    1,159.00 - 1,277.99

    4.5

    1,278.00 - 1,344.99

    5.0

    1,345.00 - 1,444.99

    5.5

    1,445.00 - 1,565.99

    6.0

    1,566.00 - 1,647.99

    6.5

    1,648.00 - 1,813.99

    7.0

    1,814.00 - 1,932.99

    7.5

    1,933.00 and over

    8.0

    No tax-free threshold claimed

    Weekly earnings – x
    $

    Component rate – a
    %

    0 - 689.99

    -

    690.00 - 808.99

    4.0

    809.00 - 927.99

    4.5

    928.00 - 994.99

    5.0

    995.00 - 1,094.99

    5.5

    1,095.00 - 1,215.99

    6.0

    1,216.00 - 1,297.99

    6.5

    1,298.00 - 1,463.99

    7.0

    1,464.00 - 1,582.99

    7.5

    1,583.00 and over

    8.0

    SFSS component rates

    Tax-free threshold claimed or foreign resident

    Weekly earnings – x
    $

    Component rate – a
    %

    0 - 1,039.99

    -

    1,040.00 - 1,277.99

    2.0

    1,278.00 - 1,813.99

    3.0

    1,814.00 and over

    4.0

    No tax-free threshold claimed

    Weekly earnings – x
    $

    Component rate – a
    %

    0 - 689.99

    -

    690.00 - 927.99

    2.0

    928.00 - 1,463.99

    3.0

    1,464.00 and over

    4.0

    Last modified: 15 Jun 2016QC 45526