Many Australian workers will be paying the new Flood Levy during the period 1st July 2011 to 30th June 2012.

This Flood Levy will be payable based on your taxable income for the year, but it is expected to be only be a small amount for most people, and an indication of the amounts is as follows:

Annual Income of $50,000 or less and NO levy is payable

Annual Income of $60,000 and the annual flood levy will be $ 50.00
Annual Income of $70,000 and the annual flood levy will be $100.00
Annual Income of $80,000 and the annual flood levy will be $150.00

This rises by $50 per year for each $10,000 per year of income, up to:

Annual Income of $100,000 and the annual flood levy will be $250.00

Then, from $100,000 taxable income, it changes to $100 per year per $10,000 of income:

Annual Income of $110,000 and the annual flood levy will be $350.00
Annual Income of $120,000 and the annual flood levy will be $450.00

etc.

This levy SHOULD stop from 30th June 2012, it is only in effect for ONE year.