Medicare Levy And Medicare Levy Surcharge Flashcards
1
Q
How much is Medicare levy?
A
It’s 2% of your taxable income, in addition to the tax you pay in your taxable income
2
Q
How is Medicare levy collected?
A
Generally it’s collected from using the PAYG system with the rest of the taxes
3
Q
Why would you have to pay the Medicare levy surcharge?
A
If you don’t have the appropriate level of private health care and earn over a certain amount
4
Q
Why would you not have to pay the MLS?
A
I’d you income is less than:
$90,000 for singles
$180,000 (plus $1,500 for each dependent child after the first one) for families
5
Q
What do deductions do?
A
Deductions lower your taxable income by claiming deductions you will be able to pay less tax
