I have had a large pay rise and am worried that I will now have to pay the Medicare Levy Surcharge. Is there anything I can do?
The Medicare levy is payable where your income is over a threshold amount and you do not have adequate private hospital insurance. The threshold amount for a single taxpayer is currently $70,000 and for families with up to one dependent child it is $140,000. If your taxable income plus reportable fringe benefits exceeds the relevant amount, and you do not have private hospital cover, you will pay the surcharge.