Phone: (03) 9563 4688

Email: office@aubreypaton.com.au

Address: 17D Chester Street, Oakleigh VIC 3166

Latest Accounting News
Hot Issues
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How the 2019 Federal Budget affects you
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Golden Rules for Deductions
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Articles
DECEMBER 2011 NEWSLETER
Merry Christmas 2011
Few know exactly what their true financial position is, do you?
Employee Christmas Parties and Gifts  -  Any FBT?
FBT - Christmas Parties and Taxi Fares
Charitable donations
SMSFs rise to meet new challenges
The Budgeting Tool / Calculators on our website have been upgraded.
Australian Taxation Office (ATO) Compliance - Fringe Benefit Tax
Personal Income Tax Rates - One Year Flood Levy
Self-education Expenses Win Short Lived
Minimum Pensions Increase
Personal Income Tax Rates - One Year Flood Levy

PAYG rates after 1st July 2011 will reflect the 2011 flood levy.


This flood levy will apply to taxpayers with a taxable income of $50,000 and above.

The flood levy is expected to raise $1.8 billion to assist with the reconstruction in Queensland and Victoria.

The levy will apply for the 2011-2012 year as follows:-

  • Individuals with a taxable income between $50,000 and $100,000 will pay a 0.5% levy on that part of taxable income above $50,000;

  • Those with a taxable income of $100,000 or more will pay $250 plus 1% levy on that part above $100,000

Individuals who were affected by a natural disaster during the 2010-2011 year and received an Australian Government Disaster Recovery Payment are exempt from the flood levy.

The comparative effective tax rates for those subject to the levy are as follows:

2011-2012 & Future Income Years
- No Flood Levy

2011 - 2012 Flood Levy      

Taxable income ($)

Rate                  

Taxable income ($)

Rate

0 - 6,000
6,001 - 37,000
37,001 - 80,000
80,001 - 180,000
180,000+


0%
15%
30%
37%
45% 
 

0 - 6,000
6,001 - 37,000
37,001 - 50,000
50,001 - 80,000
80,001 - 100,000 
100,001 - 180,000
180,001+


0%
15%
30%
30.5%
37.5%
38%
46% 

Please note the above rates do not include the Medicare Levy.



5th-October-2011