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625 let's talk about tax, baby!

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The Medicare Levy Surcharge

The Medicare levy is payable by almost everyone. There are a few exemptions if you're on low income stuff like that. But then the Medicare levy surcharge, which is what we're referring to in this one, is payable if you don't have an appropriate level of private patient hospital cover and you earn above the income level. A single 36-year-old earning $92,000 per year and paying 1% Medicare levy surcharges would be taxed an additional $920 a year. If you're paying $920 per year anyway for the surcharge, it's probably worth paying the extra $235 per year.

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