The Medicare levy is levied in the same way as income tax is levied. In most cases, the amount withheld from your salary or wages to satisfy the Medicare levy is included in the pay as you go amount. When you file your income tax return, we calculate your actual Medicare levy.

The Medicare levy contributes to the funding of Australia’s public health system, Medicare. In addition to the tax you pay on your taxable income, the Medicare levy is 2% of your taxable income.

The Medicare Levy is a tax that Australian people must pay to support the costs of health care. In addition to income tax, it is levied on taxable income. Individuals and families with higher earnings may be required to pay the Medicare levy premium if they do not have adequate private hospital coverage.

Disclaimer
The material in this content is for the benefit and information of clients. The items are in the nature of general comments only, and are not to be used, relied or acted upon without seeking further professional advice. Falcon Advisory accepts no liability for any errors or omissions, or for any loss or damage suffered as a result of any person acting without such advice. Liability limited by a scheme approved under Professional Standards Legislation.