Medicare Levy Act 1986

SECTION 7   LEVY IN CASES OF SMALL INCOMES  

7(1)    

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Where the taxable income of a person does not exceed the threshold amount, no levy is payable by the person upon that taxable income.

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History

S 7(1) amended by No 44 of 2001, No 12 of 2001, No 54 of 2000, No 29 of 1998, No 64 of 1997, No 56 of 1995, No 57 of 1993, No 155 of 1992, No 86 of 1990, No 137 of 1989, No 93 of 1988 and No 110 of 1987.

7(2)    

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Where the taxable income of a person exceeds the threshold amount but does not exceed the phase-in limit, the amount of levy payable by the person upon that taxable income but for sections 8 and 9 shall not exceed 10% of the amount of the excess.

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S 7(2) amended by No 55 of 2006, s 3 and Sch 4 item 3, by substituting " 10% " for " 20% " , applicable to assessments for the 2006-07 year of income and later years of income.

S 7(2) amended by No 44 of 2001, No 12 of 2001, No 54 of 2000, No 29 of 1998, No 64 of 1997, No 56 of 1995, No 57 of 1993, No 155 of 1992, No 86 of 1990, No 137 of 1989, No 93 of 1988 and No 110 of 1987.

7(3)    
Where the net income of a trust estate or a part of that net income, being income in respect of which a person in the capacity of a trustee of a trust estate is liable to be assessed pursuant to section 99 of the Assessment Act, does not exceed $416, no levy is payable by the person upon that net income or part, as the case may be.

7(4)    

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Where the net income of a trust estate or a part of that net income, being income in respect of which a person in the capacity of a trustee of a trust estate is liable to be assessed and pay tax pursuant to section 99 of the Assessment Act, exceeds $416 but does not exceed $520, the amount of levy payable by the person upon that net income shall not exceed 10% of the amount of the excess.

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History

S 7(4) amended by No 43 of 2013, s 3 and Sch 1 item 4, by substituting " $520 " for " $490 " , applicable to assessments for the 2014-15 year of income and later years of income.

S 7(4) amended by No 55 of 2006, s 3 and Sch 4 items 4 and 5, by substituting " $490 " for " $450 " and substituting " 10% " for " 20% " , applicable to assessments for the 2006-07 year of income and later years of income.

S 7(4) amended by No 64 of 1997, No 56 of 1995 and No 110 of 1987.

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