Flood Levy for (2011-2012 only)

Who will have to pay the flood levy?

Remember, the temporary Flood levy applies for the 2011-2012 year only.

Individual taxpayers, who have a taxable income over $50,000 in the 2011-12 financial year will have to pay the flood levy. This includes foreign residents who have Australian income.

Note: Certain people affected by natural disasters will not pay the flood levy regardless of whether their taxable income is under or over $50,000. There are special rules to work out who is exempt.

How much will you pay and how?

Taxable income Flood levy on this income
$0 to $50,000 Nil
$50,001 to $100,000 Half a cent for each $1 over $50,000
Over $100,000 $250 plus 1c for each $1 over $100,000

 Employers will need to include the Flood Levy in their payroll systems.

Copyright 2014. My Tax Zone.