Any Accountants in the House

[Benny J]

Was just wondering if there were any accountants floating around on the boards?? Tax time is approaching and i was doing some looking around on the net regarding my possible refund (or bill ).

I just have a few questions regarding the medicare levy and possible tax offsets etc...

Cheers

Benny J

 

[anakinleo]

Happy to help. Cheers

 

[Benny J]

Ok cool... I have been looking around on the government self tax assessments/calculators etc and i dont really understand the Medicare levy/surcharge. My wife and I have private health so will we still pay the medicare levy?? Also, as a underground miner is there anything i can claim to increase my tax refund??

 

[May-Z]

Ok cool... I have been looking around on the government self tax assessments/calculators etc and i dont really understand the Medicare levy/surcharge. My wife and I have private health so will we still pay the medicare levy?? Also, as a underground miner is there anything i can claim to increase my tax refund??

you will still pay the medicare levy but not the surcharge - 1.5% of your taxable income
depending on where you live you might be able to claim a zone offset

 

[Benny J]

Hmmm...ok...and how is the levy calculated? I live in Emerald, QLD, 4720...what is the zone offset??

 

[anakinleo]

There are 2 parts to the medicare levy, the first is the 1.5% of which everyone pays (except for those exempted or claim for reduction) and the second part is the 1% surcharge for higher income families. Private health care means that you can avoid the 1% surcharge but not the 1.5%. As to further advice, May Z is right to say that you should be looking at your zone offset. Other than that, I can't provide any further advice via through a public forum. It can get me into some trouble with the ATO. Cheers

---------- Post added 29-06-2011 at 07:34 PM ----------

Hmmm...ok...and how is the levy calculated? I live in Emerald, QLD, 4720...what is the zone offset??

basically, it is 1.5% of your income. I think you are class in Zone B.

 

[May-Z]

info re the zone offset is found here

T8 - Zone or overseas forces

 

[AyiosYiorgos]

Geez i hate TAX time....

 

[A_Iverson_I]

Geez i hate TAX time....

I LOVE it ....................................... NOT!

 

[KB.]

Tax time is awesome. Mainly because the missus does mine so I just sit back and wait for the cash to flow in