Why Deduction Calculated By the System Is Slightly Different To the Figure Calculated By ATO's Tax Withheld Calculator?
Last updated on JULY 14, 2016
Applies to:Oracle HRMS (Australia) - Version 22.214.171.124 to 12.2.4 [Release 11.5 to 12.2]
Information in this document applies to any platform.
According to Australian Taxation Office's (ATO) Tax Withheld Calculator (Individual Non-business Calculator), a fortnightly income of $3,063.20, with tax free threshold and HELP deduction, should result in a Tax Withheld of $916.
In comparison, the tax formulas in Oracle Payroll is producing a value of $918 (Tax Deduction $718 & HELP Deduction $200).
Why is the two not in sync?
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