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- Victoria Real estate & construction update
- South Australia Real estate & construction update
- Queensland Real estate & construction update
- New South Wales Real estate & construction update
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The 2015/2016 financial year will have 27 fortnightly pay periods.
This generally occurs every 11 years.
The ATO advises that in order to cover any potential shortfall of tax paid (as the tax scales are based on 26 fortnightly pay periods per annum) employees may request their employer to deduct additional tax on their behalf.
If you have 27 fortnightly, or 53 weekly pays in a financial year, refer to withholding additional amounts from employee earnings.
The ATO suggests:
- Fortnightly earnings $1,400 to $3,049 extra $12 per fnt,
- Fortnightly earnings $3050 to $6,799 extra $17 per fnt
- Fortnightly earnings $6,800 and over $42 per fnt.
Employees who want additional tax to be deducted should contact their Pay Centre to advise them of how much extra tax they want to have deducted next financial year.
Whether there are 27 fortnights or not would depend on what day in the week the pay period starts.
Please be aware this may be an issue if you pay staff fortnightly.