The flood levy applies to an individual’s taxable income only in the 2011-12 financial year.
Unlike the Medicare Levy :
> it applies to both Resident and Non-Resident taxpayers
> it is not reduced by non-refundable tax offsets.
> it may apply to some ETP and Superannuation withdrawals
Amount of the Flood Levy
No levy is payable where the person has taxable income of $50,000 or less.
A levy of 0.5 per cent applies on that part of an individuals taxable income between $50,001 and $100,000.
A levy of 1.0 per cent applies on that part of the taxpayer's taxable income above $100,000
Exemption from the Flood Levy
Where the person has received an Australian Government Disaster Recovery Payment in relation to a flood event in 2010-11 they will be exempt from the levy.
Refer to the links below for more information.