The Taxation Administration Act 1953 – Pay as you go withholding – Tax table for additional amounts to withhold as a result of an agreement to increase withholding was registered on Wed 10.12.2014.
It is designed to help employers and other payers withhold additional amounts from payments made to a payee when the payee has requested this.
This instrument, which will apply from 1 February 2015, outlines the steps required from the employer or other payer and the payee to withhold amounts from payments made, in addition to the amount required under the TAA or the Taxation Administration Regulations 1976. The information is contained in the withholding schedule to the instrument.
The withholding schedule has been revised to reduce the administrative burden on employers and other payers and payees, when payees want additional amounts to be withheld from payments made to them. Both parties will no longer be required to complete Withholding declaration upwards variation forms. They can instead use any means that suits their business to agree to withhold additional amounts.
[LTN 239, 10/11/14]