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What is the 2012 Flood Levy?

Clinton Ham - Wednesday, September 12, 2012

What is the flood levy?

As a result of recent natural disasters the Australian Tax Office has introduced a once off Temporary Flood and Cyclone Reconstruction Levy (otherwise referred to as the flood levy).

Do I have to pay the flood levy?

You will not have to pay the flood levy if:

  • you have taxable income of $50,000 or less
  • you have been affected by a declared natural disaster

How is the flood levy calculated?

 

Your taxable income

Flood Levy

$0 to $ 50,000

Nil

$50,001 to $100,000

Half a cent for each $1 over $50,000

Over $100,000

$250 plus 1 cent for each dollar over $100,000

What do I do if I am exempt?

If you satisfy the criteria described above for exemption from the flood levy you will need to advise us so that we can apply the exemption to your Income Tax Return. In the absence of receiving any such advice, the flood levy will be automatically applied.

Further information is available from the ATO on this topic here.


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