Document ID: chunk:federal_register_of_legislation:F2023C01016:reg:18:p1
Version: federal_register_of_legislation:F2023C01016
Segment Type: reg
Provision Reference: reg 18 (pt 1/2)
Character Range: 26229–29118

18  Amount of levy
  For the purposes of subsection 16(1) of the Act, the amount of levy imposed by section 10 of the Act on a person for the first levy period is the amount worked out using the formula:
where:
estimate means the lesser of:
 (a) the estimate determined under section 11 of the Levy Collection Act for the first levy period; and
 (b) the scheme levy cap.
Note: Paragraph (b) ensures the scheme levy cap will not be exceeded.
person's total income for the 2021‑2022 income year means the person's total income for that income year (for the purposes of paragraph 3C(3)(b) of the Taxation Administration Act 1953).
total income of all leviable persons for the 2021‑2022 income year means the sum of those total incomes for that income year for all persons on which levy is imposed by section 10 of the Act.

Endnotes

Endnote 1—About the endnotes
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Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history

Abbreviation key—Endnote 2
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Legislation history and amendment history—Endnotes 3 and 4
Amending laws are annotated in the legislation history and amendment history.

The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.

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Editorial changes
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Misdescribed amendments
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