Flood Levy

Flood levy is imposed only for financial year 2012 to provide assistance to affected communities by the natural disaster. This is a once-off levy. There will be no flood levy in financial year 2013 as recently announced in the 2012-2013 federal budget.

You may be exempt from flood levy if you:-

• have taxable income of $50,000 or less; or
• were affected by a declared natural disaster (see below).

The flood levy rate is as follows:-

Taxable Income	Flood Levy
<$50,000	Nil
$50,001 – $100,000	0.5% of each dollar above $50,000
> $100,001	$250 + 1% of each dollar above $100,000

For those who are affected by a declared natural disaster are exempt from the flood levy, they are:-

• Class 1: Recipient of Australian Government Disaster Recovery Payment
• Class 2: Natural Disaster Relief and Recovery Arrangement
• Class 3: New Zealand citizens holding a special category visa who are not eligible for the Australian Government Discovery Recovery Payment