Medicare Levy Surcharge
May 31st, 2008 | by winsonlee |
Good news for those who earn more then $50,000!!
Effective July 1, 2008 the Government will increase the Medicare levy surcharge threshold for single from $50,000 to $100,000 and for those who are members of a family from $100,000 to $150,000. Prior to July 1, 2008, the 1% Medicare Levy is paid by people who earns more then $50,000 in addition to the 1.5% Medicare levy paid by most Australian taxpayers. The surcharge is paid by people who earns more then $100,000 who do not have a private hospital insurance policy with the appropriate access.
The table below illustrates how the surcharge will be calculated in the 2008/2009 financial year (updated 13th May 2008, based upon the 2008 Commonwealth Budget).
Single |
|
| TAXABLE INCOME | MLS TAX LIABILITY |
| $100,000 | nil |
| $100,010 | $1000.10 |
Couple with no dependant children |
|
| TAXABLE INCOME | MLS TAX LIABILITY |
| $150,000 | nil |
| $150,005 | $1,500.05 |
Family with one dependant child |
|
| TAXABLE INCOME | MLS TAX LIABILITY |
| $150,000 | nil |
| $150,005 | $1,500.05 |
Family with 2 dependant children |
|
| TAXABLE INCOME | MLS TAX LIABILITY |
| $151,500 (threshold increases by $1,500) | $0 |
| $151,520 | $1,515.20 |
Family with 3 dependant children |
|
| TAXABLE INCOME | MLS TAX LIABILITY |
| $153,000 (threshold increases by $3,000) | $0 |
| $153,050 | $1,530.50 |
