Taxation Administration Act 1953 Tax table for back payments, commissions, bonuses and similar payments (Cth)

Australian Taxation Office

Taxation Administration Act 1953

Pay as you go withholding

Taxation Administration Act 1953 - Tax table for back payments, commissions, bonuses and similar payments – Legislative Instrument

I, Erin Kathleen Holland, Deputy Commissioner of Taxation, make this instrument under section 15-25 of Schedule 1 to the Taxation Administration Act 1953.

Signed on the 21st day of May 2012

Erin Holland

Deputy Commissioner of Taxation

Commencement

This instrument commences on 1 July 2012.

Purpose

(1) Withholding schedules specify the amounts, formulas and procedures to be used for working out the amount required to be withheld by an entity from a withholding payment covered by Subdivision 12-B, 12-C or 12-D of Schedule 1 to the Taxation Administration Act 1953.

(2)            The withholding schedule in this instrument is made for the purposes of collecting income tax, Medicare levy and amounts of liabilities to the Commonwealth under the Higher Education Funding Act 1988, the Higher Education Support Act 2003, the Social Security Act 1991 and the Student Assistance Act 1973.

(3)           The withholding schedule in this instrument combines three current withholding schedules into one.

Withholding Schedule

Schedule:                  30

NAT Number:            3348-02.2012.

Title:    Tax table for back payments, commissions, bonuses and similar payments

has effect from 1 July 2012.

Revocation of current withholding schedules

The current tax tables:-

-Tax table for back payments (NAT 3348-05.2010)

-Tax table for commission payments (NAT 10146-11.2003)

-Tax table for bonuses and similar payments (NAT 7905-09.2004)

are withdrawn.