As of 1 July 2011, the government’s new flood levy will be put in place and will be used to assist communities to recover from recent natural disasters. The levy will apply for the 2011-12 income year and will be paid by all taxpayers earning over $50,000 who were not affected by a declared natural disaster. Tax rates are as follows:
- Income of $0 – $50,000 = exempt.
- Income of $50,001 – $100,000 = 0.5 cent for each $1 over $50,000.
- Over $100,000 = $250 + 1 cent for each $1 over $100,000.
Categorised in: News AUS
This post was written by editor