Flood Levy

Will the Prime Minister's flood levy be able to pass through the two house's in Canberra intact. With the independents still wielding unprecendented power in the lower house and the predictable jostling in the upper house, what will the flood levy look like on the other side.

At this stage the levy will only be payable by those with income over $50,000 at a rate of 0.5%. Once someone earns over $100,000, the rate will increase to 1.0%.  We can only assume that we will be assessed on ATI. ATI is adjusted taxable income which includes salary sacrificed super and any reportable fringe benefits. ATI is used for all centrelink calculations and some tax offset.   

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