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HOW THE MEDICARE LEVY SURCHARGE WORKS

Admin by Admin
March 19, 2022
in Health
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HOW THE MEDICARE LEVY SURCHARGE WORKS
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According to government site, PrivateHealth, the Medicare Levy Surcharge is a percentage of your income if you earn over a specific amount of money within the year. It is used to encourage those people in the brackets to get private coverage so that the strain on the public health coverage system is reduced. It is charged when you file for your yearly taxes, and it is a second percentage charged along with the two percent that most taxpayers are required to pay.

The income levels may change over time, but for the moment they are as follows.

  1. If your income level, as a single person, is between $90,001 and $105,000 you will be required to pay 1% of your annual income.
  2. If your income level, as a family, is between $180,001 and $210,000 you will be required to pay 1% of your combined annual income.
  3. If your income level, as a single person, is between $105,001 and $140,000 you will be required to pay 1.25% of your annual income.
  4. If your income level, as a family, is between $210,001 and $$280,000 you will be required to pay 1.25% of your combined annual income.
  5. If your income level, as a single person, is over $140,001 you will be required to pay 1.5% of your annual income.
  6. If your income level, as a family, is over $280,001 you will be required to pay 1.5% of your combined annual income.
  7. Add $1,500 to your annual income amounts needed for every child after the first.

The income levels above are based off a graph provided by the government site listed above. It is fairly basic and easy to understand. When filing your taxes find were your annual income falls and pay the percentage rate required. 

The Medicare Levy Surcharge (MLS) was put into place with the idea that people would prefer to get private insurance, rather than pay an extra tax at the end of the year. As with most taxes, there are exceptions to the rule. You can be exempt from the tax for several reasons, which I have listed below for you.

  • If your annual income is below the set amount. In this case, if you earn $90,000 or less as a single individual, or below $180,000 as a family.
  • If you fall in one of the categories listed above, single or as a family, but you have private health care coverage that covers at least a part of a hospital stay and that is registered as a health care insurance provider with the government. 
  • If you are a foreign resident when it comes to tax purposes.
  • If you are a blind pensioner.
  • If you have obtained a sickness allowance from Centrelink.
  • If you can claim medical treatment under the Veteran’s Affair Health Card.

The bottom line is that if you fall into the income brackets above you should purchase a private health care insurance plan that covers the minimum amounts set. This frees up the Medicare funds for underprivileged people that simply cannot afford medical care. That is what the program was set up for, anyway.

 If you do your own taxes, make sure that you either pay the levy, or that you are truly exempt from it. If you use a professional to file your taxes then they will already know what they need to do, and what the payment may end up being. If you have any questions, or concerns, about the Levy make sure to contact a professional that you trust or ask a case worker to sit down with you and discuss the matter.

Tags: Health Cardhealth care coveragehealth care insurancetax purposes
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