Is the Medicare levy a fixed amount? Or based on income?
Is there a good way for health insurance to save the Medicare levy on tax return?
Thanks in advance.
Health insurance for tax deduction
Spending2Much on 02/06/2016 - 18:45
Comments
https://www.ato.gov.au/Individuals/Medicare-levy/
Health insurance with hospital cover is required to avoid Medicare levy surcharge (an additional Medicare charge on top of the Medicare levy, for high income earners that don't have private health cover)
Pretty much all taxpayers need to pay the 2% Medicare levy, regardless of whether you have private health insurance or not.
It's the Medicare levy surcharge (which is between 1-1.5% of your income) that getting private health insurance affects. The surcharge only applies to people who earn over 90k per year.
I think it's about 2% of your taxable income.