With tax return time around the corner, I’m looking for some ways to reduce my income for MLS purposes.
My annual salary is 90k this tax year (2017-2018) and I don’t hold private medicare since I didn’t expect my income to change this tax year. However in Feb 2018, our company announced that they will be giving out bonuses to those who met their targets. I was one of them and got a bonus of 2k.
This now means that my income for this tax year now exceeds the threshold and will have to pay the 1% of the medicare levy surcharge ($920). Since it’s now too late to buy healthcare, I am looking for ways to reduce my income for medicare surcharge purposes to dip me below the threshold and avoid the MLS. Would I have to pay the full 1% amount ($920) or would this be prorated for the months over i.e. Feb-Jun ($383)
Having looked through what is deductible on the ATO website i am struggling to find things to claim. Since I work in a office where we don’t have a company uniform, don’t travel for work and use public transports to travel too and from work. I will be looking to claim for mobile/laptop costs but this won’t be enough to reduce the amount.
Are there any legal tax efficient ways I can reduce my income to below the 90k threshold?