Commonwealth Consolidated Acts Commonwealth Consolidated Acts
1 At the end of Subdivision B of Division 3 of Part II
Add:
12B Rate of temporary flood and cyclone reconstruction levy
T he rate of extra income tax payable as mentioned in section 4 - 10 of the Income Tax (Transitional Provisions) Act 1997 (temporary flood and cyclone reconstruction levy) for the 2011 - 12 financial year on a taxpayer's taxable income for the 2011 - 12 year of income is the rate applicable under the t able.
Rate of t emporary f lood and cyclone reconstruction levy | ||
Item | For the part of the taxable income of the taxpayer that: | T he rate is: |
1 | exceeds $50,000 but does not exceed $100,000 | 0.5% |
2 | exceeds $1 00 ,000 | 1% |