Tax Facts

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Tax Facts

In today’s ever-changing market the complexity in providing the most appropriate Accounting and Tax advice is paramount. Every business in every range of profitability requires financial reporting that can be the basis of their growth and ultimate success. We provide accounting services designed for both the expected and the unexpected, guiding our clients through the full range of tax planning strategies that minimize liabilities. Our expertise, experience, analysis, allow us to optimize financial opportunities to be found in existing as well as recently altered tax laws.

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    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.

    The Medicare Levy is usually calculated at 1.5% of your taxable income, however this rate can vary depending on individual circumstance. You may be exempt from the levy or it may be reduced if you have a low income or are a prescribed person.

    Please note that from 1 July 2014, the government will increase the Medicare levy rate from 1.5 to 2% of taxable income for the 2014-15 income year and later income years.

    Medicare Levy Calculator is available on the ATO website to help you work out your financial obligation.

    MORE: See the Medicare Levy Essentials section of the ATO website.