The Prime Minister has announced that she will seek to introduce a flood levy in the 2012 tax year to assist with the infrastructure rebuilding of flood affected regions in Queensland.
The levy will be applied at marginal rates.
The levy will apply to individual taxpayers only and will be collected through the regular PAYG instalment system. Any individual who resides in an area impacted by the Queensland floods or Cyclone Yasi will not be liable to pay the levy. It should be noted that this levy is being challenged in parliament at present.