The Taxation Administration Act Withholding Schedules 2014 were released on Tue 10.6.2014. These schedules set out the formulas and procedures to be used for calculating the amount to be withheld by entities from withholding payments.

This instrument commences on 1 July 2014, and the withholding schedules specify the formulas and procedures to be used for working out the amount to be withhold by an entity from a withholding payment covered by Subdiv 12-B, 12-C or 12-D of Sch 1 to the Taxation Administration Act 1953. The withholding schedules are made for the purposes of collecting income tax, Medicare levy, Temporary Budget Repair levy and amounts of liabilities to the Commonwealth under the Higher Education Support Act 2003, the Social Security Act 1991 and the Student Assistance Act 1973. The withholding schedules in this instrument replace schedules, which currently apply.

[LTN 109, 10/6/14]