Flood Levy
The Prime Minister, the Hon. Julia Gillard, has announced that the Australian Federal Government would impose a levy on taxable incomes to help fund reconstruction work in Queensland and other regions devastated by severe flood damage. The levy will apply for the 2011 - 12 financial year only.
The details of the proposed levy are:
- no levy will apply on taxable incomes of $50,000 or less
- a levy of 0.5 per cent will be applied on that part of an individual's taxable income between $50,001 and $100,000
- a levy of one per cent will be applied on taxable income above $100,000
- those who receive the Australian Government Disaster Recovery Payment for a flood event in 2010 - 11 will be exempt from the levy
It is important you let us know if you received any payments for flood relief. In most cases these will be non-taxable, however if you have any further questions please contact our office.
