Flood Levy Proposed

 The Government intends to introduce a temporary flood levy in the
2011/12 financial year, to assist with part of the costs of rebuilding
infrastructure following the recent floods.

It is proposed that the levy will not be paid by those affected by the
floods or by lower income earners, and will apply only in the 2011/12
financial year.

The rate of the levy will depend on the taxpayer's table income , as follows;

• Anyone with a taxable income below $50,000 will not pay the levy
• Those with a taxable income between $50,000 and $100,000 will pay 0.5 per cent on their taxable income in excess of $50,000
• Those with a taxable income of over $100,000 will pay 0.5 per cent on their taxable income over $50,000 and and 1% on their taxable income over $100,000

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