Medicare Levy Surcharge
The information provided on this website does
not constitute financial advice or tax advice. If
you require financial or tax advice about your
specific situation, you should contact your
financial advisor or a tax expert.
The Medicare Levy Surcharge (MLS) was introduced on 1 July 1997 to encourage those on higher incomes to take out private hospital cover. The MLS is an extra tax of 1% and is in addition to the normal 1.5% Medicare Levy.
Who must pay the Medicare Levy Surcharge?
You have to pay the MLS if you do not have an eligible private hospital insurance policy and have an annual taxable income* of greater than $50,000 for singles or greater than $100,000 for families. The family income threshold increases by $1,500 for each dependent child after the first.
So singles with an MLS liability can expect to pay an extra tax of at least $500 pa and families will pay $1000 pa or more.
* including Reportable Fringe Benefits
Avoid the Medicare Levy Surcharge
With access to a huge selection of policies from a range of health funds, HICA can help you identify a suitable high value hospital policy and avoid the MLS for the period covered.
To take advantage of HICA's free service, simply submit your preferences. Many HICA clients save $100's per year on their health insurance premiums... and benefit from appropriate cover. So start now by telling us about your needs. It's free and there's no obligation.
For more informationFurther details about the Medicare Levy Surcharge
Or call HICA on 1300 732 757
|