PJT Accountants
27 Pay fortnights within the 2009/2010 Financial Year
15 July 09If you are paid fortnightly on a Wednesday, you may have 27 pay fornights within this financial year. Because of this, you may not have enough tax withheld from your wages to cover the amount of tax that will be payable when you lodge your tax return.
The rates for withholding tax are based on payments made across 26 fortnights. Because of this you have two choices:
- Do nothing - and you may have a tax payable when you lodge your 2010 tax return
- Vary your tax withholding to ensure enough tax is deducted throughout the year.
An example of the additional amounts that would be required to be withheld are as follows:
| Fortnightly Earnings | Additional Withholding per pay |
| $1,340 to $3,049 | $10 |
| $3,050 to $6,849 | $17 |
Please contact us if you wish us to assist you in completing the required Withholding variation Form or visit the Australian Taxation Office Website at www.ato.gov.au/business/content.asp=/Content/45335.htm
