Flood Levy

Tax Law: 23 March 2019

Taxpayers should note that taxable income over $50,000 will be subject to a flood levy. The taxable incomes between $50,000 and $99,999 will be subject to a flood levy of 0.5% on income over $50,000 and those whose taxable income is more than $100,000 will be subject to a levy of $250 plus 1% on income over $100,000. As an example if your income is $80,000 your flood levy will be $150.00 ($80,000-$50,000 x 0.5%). Some exemptions will apply.

Please note: The information in this article is provided for general information purposes only and does not constitute legal advice. It is not intended to be comprehensive or to apply to any specific circumstances. You should seek independent legal advice before acting on any information contained in this article.