Tax Facts - Medicare LevyThe Medicare Levy is a tax payable by Australian residents to cover health care charges. It is payable on taxable income, in addition to income tax. Individuals and families on higher incomes who do not have an appropriate level of private hospital cover may have to pay the Medicare levy surcharge. Medicare Levy is usually calculated at 2% of taxable income. A reduction in the rate is available for people on low incomes and an exemption is available for people in certain categories. MORE: See the Medicare and private health insurance section of the ATO web site. |
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