This flood levy will apply to taxpayers with a taxable income of $50,000 and above. The flood levy is expected to raise $1.8 billion to assist with the reconstruction in Queensland and Victoria. The levy will apply for the 2011-2012 year as follows:- - Individuals with a taxable income between $50,000 and $100,000 will pay a 0.5% levy on that part of taxable income above $50,000;
- Those with a taxable income of $100,000 or more will pay $250 plus 1% levy on that part above $100,000
Individuals who were affected by a natural disaster during the 2010-2011 year and received an Australian Government Disaster Recovery Payment are exempt from the flood levy. The comparative effective tax rates for those subject to the levy are as follows: 2011-2012 & Future Income Years
- No Flood Levy | 2011 - 2012 Flood Levy |
Taxable income ($) | Rate | | Taxable income ($) | Rate | 0 - 6,000
6,001 - 37,000
37,001 - 80,000
80,001 - 180,000
180,000+
|
0%
15%
30%
37%
45% | | 0 - 6,000
6,001 - 37,000
37,001 - 50,000
50,001 - 80,000
80,001 - 100,000
100,001 - 180,000
180,001+ |
0%
15%
30%
30.5%
37.5%
38%
46% |
Please note the above rates do not include the Medicare Levy.
5th-October-2011 | 