Flood Levy

Flood levy is imposed only for financial year 2012 to provide assistance to affected communities by the natural disaster. This is a once-off levy. There will be no flood levy in financial year 2013 as recently announced in the 2012-2013 federal budget.

You may be exempt from flood levy if you:-

• have taxable income of $50,000 or less; or
• were affected by a declared natural disaster (see below).

The flood levy rate is as follows:-

Taxable Income	Flood Levy
<$50,000	Nil
$50,001 – $100,000	0.5% of each dollar above $50,000
> $100,001	$250 + 1% of each dollar above $100,000

Net Medical Expenses tax offset

The high income earners are facing the increased premium to the private health insurance now they will face a lower tax offset available to them under the net medical expenses.

For the 2011 year, the tax offset is 20% of the net medical expenses in excess of $2000

For the 2012 year, the tax offset is 20% of the net medical expenses in excess of $2060

Effective from 1 July 2012, the tax offset will be different for those whose adjusted income is above the Medicare Levy Surcharge threshold ($84,000 for singles and $168,000 for families for 2012-2013 year) and below.

For those above the threshold, the tax offset will be 10% of the $5000. People below the threshold will be unaffected.

Income Tax–Resident Individual

For Australian tax resident, the income tax rates are as follows. Note that the rates do not include Medicare Levy, Medicare Levy Surcharge and Flood levy.

2012-2013

Taxable Income	Tax Payable
0 – $18,200	Nil
$18,201 – $37,000	19% for each dollar above $18,200
$37,001 – $80,000	$3,572 + 32.5% for each dollar above $37,000
$80,001 – $180,000	$17,547 + 37% for each dollar above $80,000
> $180,000	$54,547 + 45% for each dollar above $180,000

2011-2012

Taxable Income	Tax Payable
0 – $6,000	Nil
$6,001 – $37,000	15% for each dollar above $6,000
$37,001 – $80,000	$4,650 + 30% for each dollar above $37,000
$80,001 – $180,000	$17,550 + 37% for each dollar above $80,000
> $180,000	$54,550 + 45% for each dollar above $180,000

2010-2011

Taxable Income	Tax Payable
0 – $6,000	Nil
$6,001 – $37,000	15% for each dollar above $6,000
$37,001 – $80,000	$4,650 + 30% for each dollar above $37,000
$80,001 – $180,000	$17,550 + 37% for each dollar above $80,000
> $180,000	$54,550 + 45% for each dollar above $180,000