Storms & Floods = More Taxes

Dated: May 2011

The Government has introduced a new levy (tax) to raise money so they can assist people who have been affected by a spate of floods and cyclones across Australia.

It will apply to the 2011/12 financial year at the following rates:

• 0.5% for individuals with a taxable income between $50,001 and $100,000, and
• 1.0% for individuals with a taxable income above $100,000.

There are a few exemptions, such as for those who have received certain disaster-related relief payments.