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How you can save on tax
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If you pay tax, you also pay the Government’s
1.5% Medicare Levy.
However, if you fall into one of the income categories below –
and don’t have private hospital cover – you’ll
also pay the government a Medicare Levy Surcharge, which is another
1% on top of that again.
Income Categories
- If you’re a Single with an annual taxable income of $50,000
- If you’re a Couple with a combined annual taxable income
of $100,000
- If you’re a Family with a combined annual taxable income
of $101,500*
If you fall into one these categories, you can either:
- Pay the higher tax each year OR
- Join a
HBA
hospital cover, which may actually cost less than the Medicare
Levy Surcharge. Of course, by taking out private hospital cover,
you’ll also have the added benefits of knowing that you
and yours are covered.
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* This is the annual taxable income limit for a Family with one
child. Add $1,500 to this amount for each additional child.
