Are you liable for the Flood Levy?

Posted on May 15, 2012 | 0 comments

Employers: Did you know – the Flood Levy may apply to ETPs and super benefits

The levy will also apply to employment termination payments and certain Superannuation benefits paid to you if they are included in your taxable income. The ATO  tables at http://www.ato.gov.au/individuals/content.aspx?doc=/content/00318722.htm  will help you work out which payments the flood levy applies to and the percentage of that payment that is included

Note: If you receive an assessable lump sum payment in 2011-12, the flood levy may apply to the payment if your taxable income (including the lump sum payment) exceeds $50,000.

Call our tax team now on (07) 5585 8555 if you need more information or wish to discuss your Flood Levy liability.

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