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Flood levy... doin' your bit
This year has been tough for many Australians – devastating floods, Cyclone Yasi and ravaging fires. In response to these natural disasters, the Government is introducing the Flood Levy to help affected communities recover.
Introducing The Levy
The Federal Government is bringing in the Flood Levy (or what we call ‘The Levy’) to help pay for the rebuilding of areas damaged by the floods and other disasters. This is a one-off Levy and will only apply for 2011/2012.
Who pays?
You’ve got to pay if:
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You’re a resident or non-resident with a taxable income of more than $50,000 in 2011/2012. |
You’re off the hook if:
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You’re a resident or non-resident with a taxable income of $50,000 or less in 2011/2012. |
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You receive, or have received, an Australian Government Disaster Recovery Payment from the Federal Government relating to the 2010/2011 floods, Cyclone Yasi or the WA bushfires. If this is you, you need to complete a Flood Levy Exemption Declaration from the Australian Tax Office (ato.gov.au) to make sure you don’t get taxed. This is because people who were affected and eligible for the Disaster Recovery Payment are not expected to pay The Levy. |
How much?
The Levy amount you pay depends on your taxable income:
| Taxable Income |
The Levy you pay |
| $0 to $50,000 |
Nil |
| $50,001 to $100,000 |
Half a cent for each $1 over $50,000 |
| Over $100,000 |
$250 plus 1c for each $1 over $100,000 |
How does The Levy apply to super?
For 2011/12:
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If you’re under age 60 and you take any of your super in cash, we will deduct The Levy from your payment if the taxable component of this cash payment is greater than $50,000 |
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If you’re under age 60 and you receive a pension from our fund, we will deduct the Levy from your your pension if the taxable component of your annual pension payments is greater than $50,000 for 2011/12 |
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If we pay you a total and temporary disablement (TTD) benefit that is greater than $50,000pa, we will deduct The Levy from your benefit before we pay it to you |
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If you receive a death benefit and you are not considered the deceased’s ‘dependant’ by law, we will deduct The Levy if the taxable component of the death benefit is greater than $50,000 |
Looking for more info?
If you’re keen to learn more about The Levy, go to ato.gov.au and search for ‘Flood Levy’.
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