Tax Withholding 2011-2012

Tax Law: 23 March 2019

Wage earners who are paid on a fortnightly basis should note that there will be 27 pays in the 2011-2012 financial year. As a result, a shortfall in tax withheld may occur. Rather than experience a tax bill at the end of the year of up to $960 depending on your tax bracket, you could arrange for extra tax to be taken from your pay each fortnight. In order to prevent this shortfall the extra tax withheld should be:

Gross Fortnightly Income - Extra tax to be withheld

• $1,390 to $3,049 - $10
• $3,050 to $6,849 - $17
• $6,849 upwards - $36

Please note: The information in this article is provided for general information purposes only and does not constitute legal advice. It is not intended to be comprehensive or to apply to any specific circumstances. You should seek independent legal advice before acting on any information contained in this article.