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.
|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.