About Us/Contact Us :: How to Subscribe :: Login  

An Online Quick Reference Library for Tax Agents and Financial Planners

 


  TAX - RATESPersonalFlood Levy      Tuesday, 26 October 2021  
   

Flood Levy


   
Overview
The flood levy applies to an individual’s taxable income only in the 2011-12 financial year.

Unlike the Medicare Levy :

> it applies to both Resident and Non-Resident taxpayers

> it is not reduced by non-refundable tax offsets.

> it may apply to some ETP and Superannuation withdrawals

Amount of the Flood Levy

No levy is payable where the person has taxable income of $50,000 or less.

A levy of 0.5 per cent applies on that part of an individuals taxable income between $50,001 and $100,000.

A levy of 1.0 per cent applies on that part of the taxpayer's taxable income above $100,000

Exemption from the Flood Levy

Where the person has received an Australian Government Disaster Recovery Payment in relation to a flood event in 2010-11 they will be exempt from the levy.

Refer to the links below for more information.

 

  

This page was last modified on 28 December 2020

TaxFP.com.au - An Online Quick Reference Library for Tax Agents and Financial Planners

There are over 2,500 third party links on this website that we don't control. If you find a broken link before we do, please let us know. Thanks
editor@taxfp.com.au

  Contact Us  Copyright & Disclaimer  Links  Sitemap  Terms Of Use   Privacy Statement