18Amount of levy

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: Start formula estimate times start fraction person's total income for the 2021-2022 income year over total income of all leviable persons for the 2021-2022 income year end fraction end 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.