Document ID: chunk:federal_register_of_legislation:F2024L00664:clause:5_12
Version: federal_register_of_legislation:F2024L00664
Segment Type: clause
Provision Reference: sch 5 cl 12
Character Range: 152415–153648

12    This step is not applicable as total withholding for the current pay period will need to include amounts calculated in Method B(i).  –

Calculate the total PAYG withholding amount for the current pay period

Add the amounts to be withheld:

Withholding on gross earnings current pay period

    * PAYG withholding on gross earnings in the current pay period = $962
    * FS withholding on gross earnings in the current pay period = $108

Method B(i) withholding

    * PAYG withholding on additional payment for current financial year = $512
    * FS withholding on additional payment for current financial year = $120

Method B(ii) withholding

    * PAYG withholding on additional payment for prior financial year = $2,856
    * FS withholding on additional payment for prior financial year = $888

Total PAYG withholding is $5,446
  ($962 + $108 + $512 + $120 + $2,856 + $888).

Example 4 uses both:
    * Study and training support loans monthly tax table effective from 1 July 2024
    * Schedule 1 - Statement of formulas for calculating amounts to be withheld (containing the amounts, formulas and procedures that were last updated on 1 July 2024). The calculations are made using scale 2, with tax-free threshold.