If you’ve ever looked closely at your tax notice of assessment, you’ve probably noticed two separate items — the Medicare levy and the Medicare levy surcharge (MLS). While they sound similar, they serve very different purposes. Here’s what you need to know. The Medicare Levy The Medicare levy is a compulsory contribution that helps fund […]
Navigating the Australian tax system can be complex, especially when it comes to understanding the Medicare levy and the Medicare levy surcharge (MLS). Here’s a breakdown to help clarify how these charges work, who they affect, and how private health insurance impacts your tax obligations. What is the Medicare Levy? The Medicare levy is a […]
Personal tax rates: Stage 3 (as revised) confirmed from 2024–2025 In the 2024–2025 Federal Budget, the Government did not announce any further changes to the personal tax rates. The Government’s revised Stage 3 tax changes (as announced on 25 January 2024 and enacted into law by the Treasury Laws Amendment (Cost of Living Tax Cuts) […]
Personal tax rates unchanged for 2023–2024 In the Budget, the Government did not announce any personal tax rates changes. The Stage 3 tax changes commence from 1 July 2024, as previously legislated. The 2023–2024 tax rates and income thresholds for residents (unchanged since 2021–2022) are: Stage 3: from 2024–2025 The Budget did not announce any […]
Personal tax rates unchanged for 2022–2023 In the Budget, the Government did not announce any personal tax rates changes. The Stage 3 tax changes commence from 1 July 2024, as previously legislated. The 2022–2023 tax rates and income thresholds for residents are unchanged from 2021–2022: taxable income up to $18,200 – nil; taxable income of […]
If you don’t hold private hospital cover – or are thinking about dropping it – make sure you understand the financial consequences. You could be hit with an extra tax surcharge of up to 1.5% or cost yourself extra premiums in future. Levies, surcharges and loadings – the terminology around health insurance and tax can […]