• Schedule 12 – Higher Education Loan Program fortnightly tax table

    Including statement of formulas

     

    Attention

    For payments made on or after 1 July 2013 to 30 June 2014

    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. 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.

    End of attention

    Who should use this table?

    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 table if you make fortnightly payments and your payee has given you a Tax file number declaration (NAT 3092) or Withholding declaration (NAT 3093) and they answered yes to the question ‘Do you have an accumulated Higher Education Loan Program (HELP) debt?’.

    If your payee has claimed the tax-free threshold, use this table if they have:

    • fortnightly income of $1,972 or more
    • not applied for an exemption or reduction of the Medicare levy due to low family income on a Medicare levy variation declaration (NAT 0929).

    If your payee has not claimed the tax-free threshold, use this table if their fortnightly income is $1,272 or more.

    You must withhold the HELP component from all your payee’s earnings, including taxable allowances, bonuses and commissions.

    Attention

    Do not withhold any amount for HELP from lump sum termination payments.

    End of attention

     

    Find out more

    For a full list of tax tables, refer to Tax tables.

    End of find out more

    Can you use a formula?

    The withholding amounts shown in this table 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.

    To calculate the fortnightly HELP component, you must first calculate the rounded weekly HELP component.

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

    • y is the weekly HELP component
    • x is the weekly earnings expressed in whole dollars plus 99 cents
    • a is the value of the component rate as shown in the following tables.

    Tax-free threshold claimed or foreign resident

    Weekly earnings – x
    $

    Component rate – a
    %

    0 to 985.99

    0.0

    986.00 to 1,098.99

    4.0

    1,099.00 to 1,210.99

    4.5

    1,211.00 to 1,274.99

    5.0

    1,275.00 to 1,369.99

    5.5

    1,370.00 to 1,483.99

    6.0

    1,484.00 to 1,561.99

    6.5

    1,562.00 to 1,718.99

    7.0

    1,719.00 to 1,831.99

    7.5

    1,832.00 and over

    8.0

    No tax-free threshold claimed

    Weekly earnings – x
    $

    Component rate – a
    %

    0 to 635.99

    0.0

    636.00 to 748.99

    4.0

    749.00 to 860.99

    4.5

    861.00 to 924.99

    5.0

    925.00 to 1,019.99

    5.5

    1,020.00 to 1,133.99

    6.0

    1,134.00 to 1,211.99

    6.5

    1,212.00 to 1,368.99

    7.0

    1,369.00 to 1,481.99

    7.5

    1,482.00 and over

    8.0

     

    Last modified: 14 Jun 2013QC 34716