The Commonwealth Government began collecting all income tax on a uniform basis throughout Australia that grants much of the revenues to the states and territories. Australia’s taxation system underwent a major overhaul in July 2000 with the implementation of the new tax system. One of the new taxation measures ten per cent Goods and Services Tax (GST) for most goods by replacing wholesale sales tax. Australia’s taxation system underwent a major overhaul in July 2000 with the implementation of The New Tax System. One of the new taxation measures is a ten per cent Goods and Services Tax (GST) on most goods, replacing Wholesale Sales Tax.
The Tax Withheld Calculator enables employers and other withholding payers to calculate the tax to be withheld from payments made to their employees and other workers. To use the Tax Withheld Calculator, a payer will need the information supplied by their workers in the tax file number declarations. Certain information is also provided by the Withholding declaration which may also be completed by the payee. Any considerations on medical issues are found in the Medicare Levy Variation Declaration. Once all the necessary information has been submitted, the Tax Withheld Calculators allows the user to select the appropriate period of payment (Weekly, Fortnightly, Monthly or Quarterly) followed by the click of the Calculate button. The calculator will then display the gross earnings, the amount to be withheld and net pay for the payee. The current version of the Tax Withheld Calculator is Version 4.9. They are available in CDs for Windows PC only and not for Apple Macintosh, as it is a part of the tax office’s electronic record keeping product named e-record.