Personal tax rates to include Flood Levy
Flood levy
If you have a taxable income of more than $50,000 in the 2011-12 financial year, you must pay an additional 0.5% flood levy, unless you meet the exemption criteria below. When the income of a trust is taxed as if the income was of an individual, the trust will be liable for the levy as per the relevant thresholds.
Individuals who were affected by a natural disaster during 2010-11 and received an Australian Government Disaster Recovery Payment are exempt from the levy.
Tax threshold levels from 1 July 2011, which include the flood levy:
|
For those not affected by the flood levy |
For those paying the flood levy | ||
|
Taxable Income |
% |
Taxable Income |
% |
|
0 – 6,000 |
0 |
0 – 6,000 |
0 |
|
6,001 – 37,000 |
16.5 |
6,001 – 37,000 |
16.5 |
|
37,001 – 80,000 |
31.5 |
37,001 – 50,000 |
31.5 |
|
80,001 – 180,000 |
39.0 |
50,001 – 80,000 |
32.0 |
|
180,001 + |
46.5 |
80,001 – 100,000 |
39.0 |
|
|
|
100,001 – 180,000 |
39.5 |
|
|
|
180,000 |
47.5 |
Sources:
Institute of Public Accountants – 2011 Budget Report