The Taxation Administration Act 1953 – Withholding Schedules 2012 were registered on the Federal Register of Legislative Instruments on Thur 24.5.2012. The 22 schedules make publicly available the withholding schedules, which the Commissioner is empowered to make, specifying the amounts, formulas and procedures to be used for working out the amount required to be withheld by an entity in accordance with the PAYG system. They apply from 1 July 2012.
As the tax rates are set to change on and from 1 July 2012, the Commissioner has now prepared and published a new set of withholding schedules covering, for example, weekly, fortnightly and monthly tax withholding tables, and Medicare levy adjustment tables, as well as tables for annuities and superannuation lump sums.
[LTN 99. 24/5]