Medicare Levy Surcharge - Changes for 2008 and 2009

Changes to the Medicare Levy Surcharge Threshold:

See this update ===> Changes introduced

On 24 September 2008 the bill to change the Medicare Levy Surcharge income thresholds did not pass the Senate.

The bill proposed to increase the income thresholds where the surcharge applied from $50000 tp $100000 for induviduals and $100000 to $150000 for families.

What is Medicare Levy Surcharge?

Individuals and families on incomes above the Medicare levy surcharge thresholds who do not have private patient hospital cover may have to pay the Medicare levy surcharge. The ATO calculates it at the rate of 1% of your taxable income (including your total reportable fringe benefits). The income threshold increases by $1500 for each additional dependant child.

The surcharge is in addition to the general 1.5% medicare levy.

By David Maynard
CEO My Tax Zone

Copyright 2014. My Tax Zone.