2007 Tax Returns

Mr Kevin Garnett

Mr Kevin Garnett

Garnett's #1 Fan!
Feedback - 100%
39   0   0
Just completed my 07 Tax Return and the estimated tax refund is alot less than I thought.

Then I see I had to pay 1.5% of my total taxable income for the Medicare Surcharge Levy. (I don't have private insurance etc)

Was this surcharge introduced this year? I don't recall having to pay it the last time around.

Damn it. Less spending for me :cry:
 
Hi Matty,

I read that sonewhere to.

But upon completing the online tax program I am being charged $ for the levy even though I earn under that amount.
 
It's my understanding that you dont have to pay it if you earn under $50,000 and/or meet certain criteria.

If you earn over that and you dont have private health insurance you get hit with the 1.5% of your income.

I missed out by a few dollars this year of paying it, and if I don't get Private Health insurance ill be up for it next year.

Cheers
Matt
 
Just about everybody has to pay the Medicare Levy, unless you have an exemption, and it's 1.5% of your taxable income. Then basically, if you earn over $50 000 a year and you don't have private health cover, you have to pay the 1.5% plus a further 1% of your taxable income, which is the Medicare levy surcharge.
 
i thought if u were over 30 as well. anyway, the most basic cover for private health care is about $600 a year, so it makes sense to just take out the health insurance, even if u dont really use it, i know i dont.
 
yellows2k said:
i thought if u were over 30 as well. anyway, the most basic cover for private health care is about $600 a year, so it makes sense to just take out the health insurance, even if u dont really use it, i know i dont.
Click to expand...


There is a school of thought that says you are better off putting that $600 into a high interest or investment account....the account grows over time to more than adequately cover any medical treatment you may require.
 
Funkadelic said:
Just about everybody has to pay the Medicare Levy, unless you have an exemption, and it's 1.5% of your taxable income. Then basically, if you earn over $50 000 a year and you don't have private health cover, you have to pay the 1.5% plus a further 1% of your taxable income, which is the Medicare levy surcharge.
Click to expand...

What Funk said is correct... everyone has to pay for Medicare LEVY... 1.5% of your taxable income.... & if you earn over $50k as an individual or $100K as a family, & you dont have private health care, there is an additional 1% Medicare Surcharge....

& as for Adhunt's qs abt HECS... you have to start paying back if you earn over $38K... the more you earn the higher % of your income goes to paying those great times at uni.....
 
To my understanding, everyone pays a Medicare Levy, but if you earn over $50K you pay an additional % if you DON'T have Private Health Insurance.

I think that's how it goes.

I've done mine, but had an Agent do it for me. I'll have a look at the submission tonight for ya and let ya know.

Done mine on Friday 13th so here's hoping there's nothing wrong.... lol.
 
everyone pays medicare of atleast 1.5% except for the exempt people , like , defense members, company employees that get there own medical etc etc.
if you earn over $50K then you pay an additional 1%, in this case you just need to find more deductions:razz:
 
You must log in or register to reply here.
Back
Top Bottom