Flood Levy

If you earn over $50,000 of taxable income in a year the tax man will be asking for a small contribution to assist in paying for the rebuilding required in the aftermath of the recent natural disasters.

The actual contribution required will depend on your taxable income:

• The first $50,000 will not be affected.
• Income between $50,001 and $100,000 will be taxed at half a cent
• Income over $100,000 will be taxed at $250 plus 1c for each $1 over the $100,000

It started on July 1 2011, and should finish on 30 June 2012.

Here's the link to the Tax Office website if you'd like more information.

http://www.ato.gov.au/individuals/PrintFriendly.aspx?ms=individuals&doc=/content/00216565.htm

Some quality time spent at the beginning of each financial year can make a significant difference to the amount of tax you pay each year.

Kerrianne Hebinger

Financial Planning Essentials

e: fpe@finplans.com.au

w: http://www.finplans.com.au