ITR – Medicare levy -ATO

   Medicare levy

M1 – Medicare levy reduction or exemption

1. Medicare Means:

Australia’s public health system known as Medicare

2. Levy Means

Collect or Demand Money by Govt

3. Medicare levy

Medicare levy collected from Tax Payer at 2% on taxable Income, This Collected money helps to fund some of the costs of Australia’s public health system (Medicare)

4. Reduction in Medicare levy based on Your:

1. Taxable Income.

2. Seniors’ and pensioners’ tax offset

3. Spouse’s Taxable Income.

4. A number of dependents children you have.

Medicare levy calculator use this Link

https://www.ato.gov.au/Calculators-and-tools/Host/?anchor=MedicareLevy&anchor=MedicareLevy&anchor=MedicareLevy/questions&anchor=MedicareLevy/questions#MedicareLevy/questions

5. Exemption from paying Medicare Levy (Exemption Means not required to pay the Medicare levy for the Whole or part of that year) for

1. Foreign resident.

2. Person not eligible for Medicare.

3. Person have certain medical requirements.

M2 – Medicare levy surcharge

You may have to pay – a Medicare levy surcharge if 

1. You Earn over a certain income and 

2. You, Your spouse, and Your dependent children Don’t have the appropriate level of private hospital insurance.

Medicare levy surcharge collected from Tax Payer at 1%,1.25%,1.5% on your (Taxable Income, Total reportable fringe benefits, and any amount on which family trust distribution tax has been paid).