Medicare Levy Threshold for Tax Purpose 2017-18

Australian Medicare Levy Threshold.

The Australian Medicare system is partly funded by taxpayers who pay a percentage of their taxable income as a Medicare levy.

The lower paid are exempt from this levy, and some higher paid are required to pay a higher percentage than others.

2017-2018 Medicare Threshold.

Taxable … Read the rest

Medicare Levy Surcharge

Medicare Levy Surcharge in Australia.

The Medicare levy surcharge (MLS) was introduced to encourage individuals to take out private hospital cover and reduce demand on the public Medicare system. This should free up Public Medical facilities and reduce waiting times.

The Medicare levy surcharge is in addition to the Medicare … Read the rest

Medicare Levy Reduction or Exemption

Australian Low Income Earners can Qualify for a Medicare Levy Reduction or Exemption.

The Medicare levy is currently 2% of Taxable Income, in addition to Income Tax.
If your taxable income is below a certain threshold, your Medicare Levy may be Reduced or Removed.

2016-17 Medicare Levy Thresholds.

If your … Read the rest