Document ID: chunk:federal_register_of_legislation:F2024L00664:schedule:8:p1
Version: federal_register_of_legislation:F2024L00664
Segment Type: schedule
Provision Reference: sch 8 (pt 1/4)
Character Range: 170140–173026

Schedule 8 – Statement of formulas for calculating study and training support loans components

This schedule applies to withholding payments covered by Subdivisions 12-B (except sections 12-50 and 12-55), 12-C (except sections 12-85 and 12-90) and 12-D of Schedule 1 to the TAA.

The coefficients in this schedule should be used together with Schedule 1 - Statement of formulas for calculating amounts to be withheld.

The amounts, formulas and procedures in this schedule were last updated on 1 July 2024 and apply to payments made from 1 July 2024 to 30 June 2025.

Using this schedule

Use this schedule if you develop your own payroll or accounting software package. Formulas and coefficients are used for calculating weekly withholding amounts for employees who have a:
    * Higher Education Loan Program (HELP) debt
    * VET Student Loan (VSL) debt
    * Financial Supplement (FS) debt
    * Student Start-up Loan (SSL) debt (includes ABSTUDY SSL debts), or
    * Australian Apprenticeship Support Loan (AASL) debt (- formerly Trade Support Loan debt).

Using a formula

The withholding amounts for employees who have a study and training support loans debt can be expressed in a mathematical form.

If you have developed your own payroll or accounting software package, use the formulas and component rates outlined below.

The formulas comprise linear equations of the form y = ax, where:
    * y is the weekly study and training support loans component
    * x is the weekly earnings – or weekly equivalent of earnings – rounded down to whole dollars plus 99 cents
    * a is the value of the component rate as shown in the following tables.

Study and training support loans component rates
Tax-free threshold claimed or foreign resident
Weekly earnings (x)   Component rate (a)
  $                     %
0 – 1,045.99          -
 1,046.00 - 1,207.99  1.0
 1,208.00 - 1,280.99  2.0
 1,281.00 - 1,357.99  2.5
 1,358.00 - 1,438.99  3.0
 1,439.00 - 1,524.99  3.5
 1,525.00 - 1,616.99  4.0
 1,617.00 - 1,713.99  4.5
 1,714.00 - 1,816.99  5.0
 1,817.00 - 1,925.99  5.5
 1,926.00 - 2,041.99  6.0
 2,042.00 - 2,163.99  6.5
 2,164.00 - 2,293.99  7.0
 2,294.00 - 2,431.99  7.5
 2,432.00 - 2,577.99  8.0
 2,578.00 - 2,731.99  8.5
 2,732.00 - 2,895.99  9.0
 2,896.00 - 3,069.99  9.5
 3,070.00 & over      10.0

No tax-free threshold claimed
Weekly earnings (x)   Component rate (a)
  $                     %
0 – 695.99            -
 696.00 - 857.99      1.0
 858.00 - 930.99      2.0
 931.00 - 1,007.99    2.5
 1,008.00 - 1,088.99  3.0
 1,089.00 - 1,174.99  3.5
 1,175.00 - 1,266.99  4.0
 1,267.00 - 1,363.99  4.5
 1,364.00 - 1,466.99  5.0
 1,467.00 - 1,575.99  5.5
 1,576.00 - 1,691.99  6.0
 1,692.00 - 1,813.99  6.5
 1,814.00 - 1,943.99  7.0
 1,944.00 - 2,081.99  7.5
 2,082.00 - 2,227.99  8.0
 2,228.00 - 2,381.99  8.5
 2,382.00 - 2,545.99  9.0
 2,546.00 - 2,719.99  9.5
 2,720.00