People who suffered damage in the floods affecting western Queensland and northern NSW earlier this year will be exempted from the national flood levy.

Federal Treasurer Wayne Swan announced the exemption, which has previously applied only to those affected by last year’s flooding.

The temporary levy was put in place last year to raise funds for rebuilding in Queensland, and will cease at the end of this financial year.

Mr Swan says more than 45,000 people are likely to benefit from the latest exemption, based on those eligible for an Australian Government Disaster Recovery Payment.

The levy is calculated at 0.5% of taxable income between $50,001 and $100,000, and 1% on taxable income above $100,000.