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.