Flood Levy Super Payments

Following the Queensland floods in January 2011, the Federal Government announced the introduction of a flood levy for the 2011/12 financial year to assist affected communities to recover and rebuild essential infrastructure that was lost.

The levy applies to individual taxpayers that have a taxable income of more than $50,000 in 2011/12, including those who receive lump sum superannuation and pension payments which form part of their taxable income.

Payments from the Perpetual WealthFocus Super and Pension Plan, the Perpetual Select Super and Pension Plan and Perpetual DIY Super may be affected by the levy. We will automatically calculate and withhold any relevant levy from payments made to you unless you are over 60 years of age, the payment is exempt or we are notified of an exemption prior to processing a payment.

How the levy is calculated

The levy is calculated at a rate of 0.5% on amounts between $50,000 and $100,000. For amounts over $100,000, the levy is $250 plus 1% of the amount over $100,000.

Each lump sum superannuation payment is treated separately when calculating the levy. For pension payments, the levy is calculated on the total annual pension received.

Exemptions from paying the levy

Members who have a taxable income of less than $50,000, or are in receipt of an Australian Government Disaster Recovery Payment for a flood event that occurred during the 2010/11 financial year, are exempt from paying the levy.

Members receiving the Disaster Recovery Payment must complete and send us a flood levy exemption declaration in order not to have the levy deducted from any payments. Download flood levy exemption declaration form

Certain lump sum superannuation payments are automatically exempt from the flood levy. These include:

  • death benefits paid to dependants or to an Estate
  • terminal illness payments
  • Departing Australia Superannuation Payments
  • payments from accounts where no Tax File Number has been quoted
  • any payment to a member aged 60 or above (taxed funds only)
  • rollovers to another superannuation fund
  • any ATO payments.