Taxation Administration Act 1953 Tax table for employment termination payments (Cth)

Australian Taxation Office

Taxation Administration Act 1953

Pay as you go withholding

Taxation Administration Act 1953 – Tax table for employment termination 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 28th day of June 2012

Erin Holland

Deputy Commissioner of Taxation

Commencement

This instrument commences on 1 July 2012.

Purpose

(1) The withholding schedule in this instrument specifies 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 paragraph 12-85(b) 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 and Medicare levy.

(3)           The withholding schedule in this instrument has been made in accordance with Tax Laws Amendment (2012 Measures No. 3) Act 2012.

Withholding Schedule

Schedule:                  32

NAT Number:            70980-06.2012.

Title:    Tax table for employment termination payments

has effect from 1 July 2012.

Revocation of current withholding schedule

The current Tax table for employment termination payments (NAT 70980-05.2011) is withdrawn.