Make yourself familiar with the Medicare Levy Surcharge
The Medicare Levy Surcharge is an extra 1.0-1.5% surcharge that’s added to the tax of high income earners who are eligible for Medicare, but don’t have private Hospital cover.
If that’s you, your Medicare levy increases from 2.0% (what most of us pay) to 3.0-3.5% of your taxable income.
Income for Medicare levy surcharge purposes |
Medicare levy surcharge |
---|---|
Singles less than $90,000 Couples/families less than $180,000 |
0.0% |
Singles $90,001 – 105,000 Couples/families $180,001 – 210,000 |
1.0% |
Singles $105,001 – 140,000 Couples/families $210,001 – 280,000 |
1.25% |
Singles more than $140,001 Couples/families more than $280,001 |
1.5% |
We can help you avoid it
Just take out any Teachers Health Hospital or Combined cover if you’re:
- Single and earning more than $90,000 a year
- A couple/family earning more than $180,000 a year.