August 1993 Post-17 32% A August 1993 Annual Normal termination (eg voluntary Pre-18 August 32% A resignation, employment leave 1993 terminated due to inefficiency, Post-17 Marginal rates Include in retirement) August 1993 salary/wages Termination because of genuine 32% A redundancy, invalidity or early retirement scheme Annual Normal termination (eg voluntary Pre-18 August 32% A leave resignation, employment 1993 loading terminated due to inefficiency, Post-17 Marginal rates Include in retirement) August 1993 salary/wages Termination because of genuine 32% A redundancy, invalidity or early retirement scheme Tax table for Joint Petroleum Development Area (NAT 7288) Methodologies to calculate withholding remain unchanged. Tax table for employment termination payments (NAT 70980) Table A: Withholding rates for ETPs Income component Age of person at Component Rate of Cap to apply derived by your the end of the subject to withholding employee in the income income year that PAYG year the payment is withholding received Life benefit ETP Under preservation Up to the ETP 32% ETP cap – taxable component age cap amount Payment is because of: Preservation age or Up to the ETP 17% ETP cap over cap amount early retirement scheme All ages Amount above 47% ETP cap genuine redundancy the ETP cap
August 1993 Post-17 August 1993 32% A Annual leave Normal termination (eg voluntary resignation, employment terminated due to inefficiency, retirement) Pre-18 August 1993 32% A Post-17 August 1993 Marginal rates Include in salary/wages Termination because of genuine redundancy, invalidity or early retirement scheme 32% A Annual leave loading Normal termination (eg voluntary resignation, employment terminated due to inefficiency, retirement) Pre-18 August 1993 32% A Post-17 August 1993 Marginal rates Include in salary/wages Termination because of genuine redundancy, invalidity or early retirement scheme 32% A Tax table for Joint Petroleum Development Area (NAT 7288) Methodologies to calculate withholding remain unchanged. Tax table for employment termination payments (NAT 70980) Table A: Withholding rates for ETPs Income component derived by your employee in the income year Age of person at the end of the income year that the payment is received Component subject to PAYG withholding Rate of withholding Cap to apply Life benefit ETP – taxable component Payment is because of: early retirement scheme genuine redundancy Under preservation age Up to the ETP cap amount 32% ETP cap Preservation age or over Up to the ETP cap amount 17% ETP cap All ages Amount above the ETP cap 47% ETP cap
Withholding_rates_to_the_9_web_only_tax_tables.docx