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Flood levy confirmed for FY 2011-12
The Government has announced the flood levy will be in place for the 2011-12 financial year.
The flood levy will be calculated based on an individual’s taxable income and assessed when their tax return is lodged.
The rate of the levy will be half a cent for each dollar an individual’s taxable income is over $50,000 where their taxable income is between $50,000 and $100,000 or $250 plus 1 cent for each dollar an individual’s taxable income is over $100,000. An individual with a taxable income of $80,000 would pay a flood levy of $150 under these measures.
Taxpayers that received a disaster recovery payment will be exempt from the levy. All employers should ensure they apply the new withholding schedule to their employees’ wages from 1 July 2011.
The material and contents provided in this notification are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained by calling Collins Hume on 02 6686 3000.
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 Collins Hume is a CPA business |
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97 Tamar Street Ballina | 6 Lawson Street Byron Bay | Tel: 02 6686 3000 |
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