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Income for Medicare levy surcharge (MLS) purposes is used to determine whether you are liable to pay the MLS and the rate of the MLS that you will have to pay.
If you have a spouse, your combined income for MLS purposes will be used.
Your income for MLS purposes is the sum of the following items for you (and your spouse, if you have one):
taxable income
include the net amount on which family trust distribution tax has been paid
do not include any assessable First Home Super Saver (FHSS) released amount for the income year under the FHSS scheme
reportable fringe benefits
total net investment losses (includes both net financial investment losses and net rental property losses)
reportable super contributions (includes reportable employer super contributions and deductible personal super contributions).
if you have a spouse, their share of the net income of a trust on which the trustee must pay tax (under section 98 of the Income Tax Assessment Act 1936) and which has not been included in their taxable income. |
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