Medicare Levy Surcharge (MLS)

Have you heard the word?

On 1 July 2021, health.com.au will join forces with Frank Health Insurance.

This year, tax time takes place during this transition to Frank.

Get the heads up on what will be happening for Tax Time 2021 here

 

 

 

 

The Medicare Levy is a 2% tax on your income that most of us pay each year. On top of this, the Government imposes a Medicare Levy Surcharge of at least 1% (and as much as 1.5%) if you are a higher earning Australian. This is to encourage you to take out private hospital cover so that there's less demand on the public system.

The Medicare Levy Surcharge won’t affect you if you don't earn more than $90,000 annually as a single, or $180,000 as a family. However, if you earn more than this, then there are some very good reasons why taking out health insurance is a great idea.

You can find further details regarding MLS on the ATO website.