Medicare Levy Surcharge 2010

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You can also check this post ==> Medicare Levy Calculator

You  are only required to pay medicare levy surcharge if your "adjusted taxable income" is over certain thresholds and you are not covered by hospital cover in a private medical insurance fund. To compare funds you can click on the following link:

See this post for "Adjusted Taxable Income" and how it relates to medicare levy surcharge.

The thresholds for medicare levy surcharge in 2010 are as follows:
  • for an individual (ie- no "dependant children" or spouse) and income is less than $73000, than medicare levy is not payable;
  • for "couples" including couples from a same sex relationship, and combined taxable income is less than $146000, medicare levy surcharge is not payable.
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.

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See these posts with tips, calculators and checklists to help you prepare your eTax Return (and get a better refund) with less hassle:
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Our Web Based Tax Return App will step you through all the necessary questions to increase your  tax refund and take into account all relevant tax deductions and tax offsets. Try it now. Its FREE to get started! 

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