23 May 2011
The flood levy proposed by the Gillard Government has now received Royal Assent. The one-off levy is intended to increase capacity for the Government to assist in the rebuilding of disaster affected regions in Australia following the recent cyclones and flooding in Queensland and Victoria.
The Tax Laws Amendment (Temporary Flood Reconstruction Levy) Bill 2011 and Income Tax Rates Amendment (Temporary Flood Reconstruction Levy) Bill 2011 received Royal Assent on 12 April 2011 and will apply for the year ending 30 June 2011, applying to both residents and non-residents of Australia for income tax purposes.
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