Medicare Levy Surcharge 2013

Medicare Levy Surcharge 2013

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.

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

The thresholds for medicare levy surcharge in 2013 are a little different to previous years as there are different rates dependent on various income margins as follows:

Unchanged
Tier 1
Tier 2
Tier 3
Singles
$84,000 or less
$84,001-97,000
$97,001-130,000
$130,001 or more
Families*
$168,000 or less
$168,001-194,000
$194,001-260,000
$260,001 or more
Rates
0.0%
1.0%
1.25%
1.5%


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 income threshold increases by $1500 for each additional dependant child.

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

E-tax Return

See these posts with tips, calculators and checklists to help you prepare your eTax Return (and get a better refund) with less hassle:
For help with your eTax return see our eTax Return Checklist.

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