Income Tax (Transitional Provisions) Act 1997

S 4-10 repealed by No 16 of 2011, s 3 and Sch 2 item 3, effective 1 July 2016. S 4-10 formerly read:

SECTION 4-10 Temporary flood and cyclone reconstruction levy  
Temporary flood and cyclone reconstruction levy

4-10(1)
You must pay extra income tax ( temporary flood and cyclone reconstruction levy ) for the 2011-12 financial year if:

(a) you are an individual; and

(b) your taxable income for the 2011-12 income year exceeds $50,000.

Note:

This section will also affect the income tax payable by some trustees who are taxed as if certain trust income were income of individuals. See sections 98 and 99 of the Income Tax Assessment Act 1936 .

4-10(2)
Subsection (1) does not apply if you are a member of a class of individuals specified in a legislative instrument made by the Minister for the purposes of this subsection.

4-10(3)
The Minister may only specify a class of individuals for the purposes of subsection (2) if the Minister is satisfied that the class was affected by a natural disaster that happened in Australia between:

(a) 1 July 2010; and

(b) 30 June 2012.

Amount of temporary flood and cyclone reconstruction levy

4-10(4)
Your temporary flood and cyclone reconstruction levy is worked out by reference to your taxable income for the 2011-12 income year, using the rate or rates that apply to you.

Note:

See section 12B of the Income Tax Rates Act 1986 .

Interaction with other provisions

4-10(5)
For the purpose of working out your income tax for the 2011-12 financial year, subsection 4-10(3) of the Income Tax Assessment Act 1997 has effect as if it stated that your income tax for the financial year is the total of:

(a) the amount worked out using the method statement in that subsection; and

(b) the amount of any extra tax you must pay as mentioned in subsection (1) of this section.

4-10(6)
To avoid doubt, temporary flood and cyclone reconstruction levy is not included in your basic income tax liability worked out in accordance with step 2 of the method statement in subsection 4-10(3) of the Income Tax Assessment Act 1997 .

Note:

You cannot apply any tax offsets against temporary flood and cyclone reconstruction levy under Part 2-20 of the Income Tax Assessment Act 1997 , because temporary flood and cyclone reconstruction levy is not included in your basic income tax liability.

4-10(7)
Disregard this section for the purposes of section 770-75 of the Income Tax Assessment Act 1997 (Foreign income tax offset limit).

S 4-10 inserted by No 16 of 2011, s 3 and Sch 1 item 3, effective 12 April 2011.