Flood levy - deducted at source?

[simongr]

Hi all

Not looking for tax advice as such but I thought the Flood levy was meant to be deducted by the employer - is that correct?

Just doing eTax and something looks odd but it might not be...

Not used to levy based taxation still - I would love to debate that if I had a few hours free and could risk an infraction or five

 

[JohnK]

Flood levy was supposed to be deducted by employer from PAYG earnings.

Wasn't flood levy supposed to be for 2011-2012 financial year only?

 

[medhead]

What should happen is that you will have paid X tax. (and the tables were updated to include the flood levy). When you do etax flood levy should be calculated as an item (I've only just started etax so I'm only talking in theory here). But flood tax shouldn't make you pay any extra.

BTW that sort of debate is best left for a beer. But I can't imagine anyone who would support levies.


Sent from the Throne

 

[docjames]

The politicians love to call it a levy (so they can pretend its not a tax). The usual dribble goes something like "it's a one-off so it's a levy not a tax".

Which is of course complete baloney. But someone must buy it or they'd stop selling it.....

 

[simongr]

Wasn't flood levy supposed to be for 2011-2012 financial year only?

I think so - but as ever you never know...

What should happen is that you will have paid X tax. (and the tables were updated to include the flood levy). When you do etax flood levy should be calculated as an item (I've only just started etax so I'm only talking in theory here). But flood tax shouldn't make you pay any extra.
Sent from the Throne

Yeah - that is what I think happened - I just started doing etax and it showed as a separate tax amount - the size was a little confronting...

 

[oz_mark]

Yeah - that is what I think happened - I just started doing etax and it showed as a separate tax amount - the size was a little confronting...

Should have been based on:

Flood levy on this income
$0 to $50,000
Nil

$50,001 to $100,000
Half a cent for each $1 more than $50,000

More than $100,000
$250 plus 1c for each $1 more than $100,000

 

[Mal]

Will only be deducted at source generally for salary etc.

Other income generally won't have it deducted. Depending on the amount of extra income etc this can really affect the amount levied.

Sent from my GT-I9100 using AustFreqFly

 

[simongr]

Should have been based on:

Flood levy on this income
$0 to $50,000
Nil

$50,001 to $100,000
Half a cent for each $1 more than $50,000

More than $100,000
$250 plus 1c for each $1 more than $100,000

Knowing how if I'd calculated doesn't make it any more palatable

 

[Mal]

Knowing how if I'd calculated doesn't make it any more palatable

Indeed. Or you could be in my situation where the floods cost you money directly and inconvenienced you yet you still have to pay the levy.

Sent from my GT-I9100 using AustFreqFly

 

[amaroo]

Times like these (+many more) make me smile - SWMBO is a Chartered Accountant specialising in TAX & SMSF

 

[eastwest101]

Indeed. Or you could be in my situation where the floods cost you money directly and inconvenienced you yet you still have to pay the levy.

You are not the only one grumpy about that..........

 

[pat25d]

You are not the only one grumpy about that..........

Shouldn't the people who were in no way affected by the floods be more grumpy?

 

[kpc]

Just got my tax return back from the accountant. Not happy with the flood levy I got slugged; won't mention the actual amount as it would give my taxable income away but lets just say I could have done a fair bit of travel on it!:evil:

 

[simongr]

Indeed. Or you could be in my situation where the floods cost you money directly and inconvenienced you yet you still have to pay the levy.

Sent from my GT-I9100 using AustFreqFly

I assume on a personal level that you had appropriate insurance and the flood impacts were not covered by that?

 

[Mal]

I assume on a personal level that you had appropriate insurance and the flood impacts were not covered by that?

There is no insurance available that covered my situation basically (not going to go into the details though). It wasn't loss of income, wasn't damage to property etc.

There are quite a few exemption categories, and again my situation doesn't fit into any of them.

 

[Katie]

Indeed. Or you could be in my situation where the floods cost you money directly and inconvenienced you yet you still have to pay the levy.

Or like Mr Katie, who qualifies to be exempt, but isn't and has paid it, as I could only claim for myself & Little Miss with whichever govt department it was. Could not claim for my spouse, and he didn't get around to his claim before the cutoff date.
He also felt bad, as the 2011 flood was nowhere near as devastating for us as the 2009 one, and so felt less entitled to subsidies compared to those who lost houses or worse.
(We lived near the RBH & flooded three times between Nov 2008-Jan 2011)