Business Compliance Services

Taxation can be a major cost to any business. Complying with your tax responsibilities and ensuring you minimise the impact can help you to achieve your financial objectives.

Business Structure Services

Reviewing every phase of your organisation's lifecycle to achieve the desired results and maximise potential.

Business Strategy Services

Helping businesses grow, through reviewing the financial position, developing growth initiatives and identifying the areas that require attention to achieve your goals.

Tax Facts - Medicare Levy

The Medicare Levy is a tax Australian residents pay 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.

For the 2014-15 and later income years, 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.

Medicare Levy Calculator is available on the Australian Taxation Office (ATO) web site to help you work out your obligation.

MORE: See the Medicare Levy Essentials section of the ATO web site.

Suite 1, 261 - 265 Blackburn Rd
Doncaster East
Vic 3109
Australia

Ph: 03 8804 4777

Find us on the map
Copyright Penn Business Solutions © | Disclaimer | Site Map | Online software for accountants by Wolters Kluwer
Liability limited by a scheme approved under Professional Standards Legislation