The proposed flood levy currently provides that individuals with taxable income of less than $50,000 (or those who have received an Australian Government Disaster Recovery Payment) will not be liable for the levy, individuals with taxable incomes between $50,001 and $100,000 will be liable for a levy of 0.5%, and those with taxable incomes exceeding $100,000 will be liable for a levy of 1%.
The flood levy is expected to be implemented in the 2011/2012 income year and is anticipated to be paid through the PAYG system and deducted from wage payments.