2007 Tax Returns

Mr Kevin Garnett

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• Jul 22, 2007

• #1

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

 

Allstar cards inc

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• Jul 22, 2007

• #2

Medicare Levy has been around for quite a few years....not sure exactly how many though.

 

Mr Kevin Garnett

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• Jul 22, 2007

• #3

Thanks mate.

According to the ATO website everyone has to pay 1.5% of their total taxable income for the levy correct?

 

Mr Kevin Garnett

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• Jul 22, 2007

• #4

And its possible to get it reduced if someone has private insurance

 

mattyj

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• Jul 22, 2007

• #5

i think you only pay it if you earn more than $50K ?

 

Mr Kevin Garnett

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• Jul 22, 2007

• #6

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.

 

adhunt99

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• Jul 22, 2007

• #7

u pay the levy if you dont have private cover i thought...

 

Mr Kevin Garnett

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• Jul 22, 2007

• #8

Has anyone completed theirs yet?

Did you guys get charged for the "Medicare Levy"?

Wheres Wovlesjr?

 

Matt26

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• Jul 22, 2007

• #9

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

 

Mr Kevin Garnett

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• Jul 22, 2007

• #10

Hmm so mine could be incorrect.

Guess I gotta give them a call tomorrow.

 

adhunt99

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• Jul 22, 2007

• #11

yeah its ****ed, i've got no clue whether i have to pay hecs fees etc

 

Funkadelic

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• Jul 22, 2007

• #12

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.

 

yellows2k

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• Jul 22, 2007

• #13

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.

 

Allstar cards inc

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• Jul 22, 2007

• #14

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.

 

martyaud

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• Jul 22, 2007

• #15

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.....

 

WoobieZarz

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• Jul 23, 2007

• #16

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.

 

dead_end_cruiser

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• Jul 23, 2007

• #17

mattyj said:

i think you only pay it if you earn more than $50K ?

Click to expand...

I thought it was just for couples that earn over $100k?. Im in that bracket for the first time so i have to pay it (. No refund for me (

 

C

chadjaja

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• Jul 23, 2007

• #18

Just get private health insurance. You'd have to be puffing muffins not to!

:-D

 

SPREE FAN

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• Jul 23, 2007

• #19

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

 

Mr Kevin Garnett

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• Jul 23, 2007

• #20

Cheers fellas.

Just called the ATO today and yep I have to pay the Medicare levy.

Funk is 100% correct