• Rounding of component amounts

    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

    Component amounts calculated as a result of applying the above formulas should be rounded to the nearest dollar. Results ending in 50 cents are rounded to the next higher dollar.

    Example

    The payee has claimed the tax-free threshold and has fortnightly earnings of $1,983.22.

    Weekly equivalent of $1,983.22 = $991.99 ($1,983.22 ÷ 2, ignoring cents in the result and then adding 99 cents).

    Weekly HELP component = $991.99 × 4.0% = $40.00 rounded to the nearest dollar.

    Fortnightly HELP component = $80.00 ($40.00 × 2).

    End of example

     

    Last modified: 14 Jun 2013QC 34716