FU Juliar

taken from email sent to myself and my staff from our Queensland based payroll dept:


Good morning,

You may notice that the amount of tax on your payslips has risen a little. This is due to the government’s Flood Levy, which will be effective for this financial year only, and also because Australian workers did not receive a tax cut this year. Below is a little information on the levy:


What is the flood levy?
The government has introduced a Temporary Flood and Cyclone Reconstruction Levy (flood levy) applying to taxable income for the 2011-12 year only.
It is designed to assist affected communities to recover from the recent natural disasters by providing additional funding to rebuild essential infrastructure - for example, roads, bridges and schools.


Who will have to pay the flood levy?
Individual taxpayers, who have a taxable income over $50,000 in the 2011-12 financial year will have to pay the flood levy. This includes foreign residents who have Australian income.
Low income earners will not pay the flood levy
As the flood levy only applies to taxable income you earn over $50,000, if you have a taxable income of $50,000 or less in the 2011-12 financial year, you will not be charged the flood levy.
Certain people affected by natural disasters will not pay the flood levy
Some people affected by natural disasters will be exempt from paying the flood levy regardless of whether their taxable income is under or over $50,000. There are special rules to work out who is exempt.



How much will you pay and how?
If you do not meet the criteria for exemptions listed in Who is exempt from the flood levy?, you will have to pay the flood levy on any taxable income you earn over $50,000.
Low income earners will not pay the flood levy
The flood levy only applies to taxable income you earn over $50,000. If you have a taxable income of $50,000 or less in the 2011-12 financial year, you will not be charged the flood levy.
Taxable income Flood levy on this income
$0 to $50,000 Nil
$50,001 to $100,000 Half a cent for each $1 over $50,000
Over $100,000 $250 plus 1c for each $1 over $100,000

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