Flood Levy

Julia Gillard’s Government announced on the 27th January 2011, that it will introduce a flood levy for the 2011-12 income year to assist affected communities recover from the recent floods and rebuild essential infrastructure. The levy forms part of a package of measures designed to assist affected communities.

The flood levy is proposed to take effect on 1st July 2011, but will exempt lower earners and flood affected residents. The flood levy is expected to raise $1.8 billion in funds.

The flood levy will apply to all taxpayers that have a taxable income of more than $50,000 in the 2011-12 income year. Taxpayers who have a taxable income of less than $50,000, or are in receipt of an Australian Government Disaster Recovery Payment for a flood event that occurred during the 2010-11 income year will be exempt from paying the flood levy.

Julia’s package also calls for delays in infrastructure projects intended in Queensland and other states for up to three years, to allow for additional spending and free up skilled labor for rebuilding efforts.

What could it cost you?

  

Taxable Income	Levy Amount
$ Annual	$ Weekly	$ Annual
50,000	-	-
55,000	0.48	25
60,000	0.96	50
65,000	1.44	75
70,000	1.92	100
80,000	2.88	150
90,000	3.85	200
100,000	4.81	250
110,000	6.73	350
120,000	8.65	450
140,000	12.50	650
160,000	16.35	850
180,000	20.19	1,050
200,000	24.04	1,250
250,000	33.65	1,750
300,000	43.27	2,250

 

For further details including the Prime Minister’s media release, question and answers, a fact sheet, and a calculator to assist affected taxpayers to obtain an indicative estimate of their levy contribution. Click here

Further information on flood relief support and assistance from the Australian Government can be found at http://www.disasterassist.gov.au

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