HEALTH INSURANCE LEVY ACT 1977 No. 132 of 1977 - SECT 7 Rate of levy

HEALTH INSURANCE LEVY ACT 1977 No. 132 of 1977 - SECT 7

7. (1) The rate of levy payable by a person upon a taxable income is 2.5 per
centum.

(2) The rate of levy payable by a person in the capacity of a trustee of a
trust estate upon a share of the net income of the trust estate to which a
beneficiary is presently entitled, being income in respect of which the
trustee is liable to be assessed and to pay tax in pursuance of section 98 of
the Assessment Act, is 2.5 per centum.

(3) Subject to sub-section (4), the rate of levy payable by a person in the
capacity of a trustee of a trust estate upon the net income of the trust
estate or a part of that net income, being income in respect of which the
trustee is liable to be assessed and to pay tax in pursuance of section 99 or
99A of the Assessment Act, is 2.5 per centum.

(4) The amount of levy payable by a person in the capacity of a trustee of a
trust estate upon the net income of the trust estate or a part of that net
income, being income in respect of which the trustee is liable to be assessed
and to pay tax in pursuance of section 99 or 99A of the Assessment Act, shall
not exceed-

   (a)  in the case of income in respect of which the trustee is liable to be
        assessed and to pay tax in pursuance of section 99 of the Assessment
        Act-

        (i)    10 per centum of the amount by which that net income or that
               part of that net income, as the case may be, exceeds $416; or

        (ii)   $300,
whichever is the less; and

   (b)  in the case of income in respect of which the trustee is liable to be
        assessed and to pay tax in pursuance of section 99A of the Assessment
        Act-$300.