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for your information
Currently, you have to pay the surcharge if you are:
•a single person with an annual taxable income for MLS purposes greater than $84,000 in the 2012-13 financial year or $88,000 in the 2013-14 financial year; or
•a family or couple with a combined taxable income for MLS purposes greater than $168,000 in the 2012-13 financial year or $176,000 in the 2013-14 financial year. The family income threshold increases by $1,500 for each dependent child after the first;
•and do not have an approved hospital cover with a registered health fund.
You must also pay the surcharge if you are a prescribed person with a taxable income over the threshold, and have any dependents who are not prescribed persons and who are not covered by an approved health cover policy as described above.
This means if you are a family, have a combined income of more than $176,000 in 2013-14, and don't have hospital cover for you, your partner, and your children, you will pay the MLS.
You must meet one of the following requirements to avoid the Medicare Levy Surcharge:•your taxable income for MLS purposes is below the income threshold (see above),
•your taxable income for MLS purposes is over the income threshold and you have hospital insurance (see below) for you and all of your dependents with a registered health fund, with a total yearly front-end deductible or excess no greater than $500 for singles or $1,000 for families/couples,
•you are normally exempt from the Medicare levy because you are a prescribed person and you do not have any dependents. Your income level is not considered in this case,
•you are a high-income earner who had already purchased a hospital insurance product with a total yearly front-end deductible or excess greater than $500 for singles or $1,000 for families/couples, on or before 24 May 2000. In this case you will continue to be exempt from the surcharge as long as you maintain continuous membership under the same hospital treatment policy. |
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