Extra pay day

 

IN THE 2004-2005 financial year there will be 27 paydays instead of the normal 26.

As fortnightly taxation instalments are based on annual taxable salary paid over period of 26 paydays, members may experience a shortfall in tax payments.

To minimise an end of financial year tax shortfall, members can voluntarily request their servicing pay office to arrange for additional tax to be deducted from their fortnightly salary. Should members have any doubts on the need to increase their taxation deduction they should seek professional financial advice from an approved financial adviser.

DEFPAC will issue a DEFSAAC providing further details on the tax implications and providing advice to all servicing pay offices on the procedures to assist members who decide to have additional tax deducted.

 

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