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MEDICARE LEVY SURCHARGE AND
GOVERNMENT HEALTH INSURANCE REBATE
30 June 2024
Medicare Levy
Australian residents for tax purposes are subject to a Medicare levy of 2% of their taxable income unless they qualify for a reduction or Medicare Levy Exemption Certificate.
Medicare levy thresholds for individuals excluding those eligible for pensioners tax and senior Australian offsets are as follows:
Individuals
< $26,000 Nil
> $32,500 2%
In between formula e.g. Single income of $30,000 = (30,000-26,000) x 10% = $400.00
Sole parents and families
Lower Limit < $43,846 plus $4,027 for each dependant child Nil
Upper Limit > $54,807 plus $4,027 for each dependant child 2%
Individuals Eligible for SAPTO
Lower Limit < $41,089 plus $4,027 for each dependant child Nil
Upper Limit > $51,361 plus $4,027 for each dependant child 2%
Families who qualify for SAPTO
Lower Limit < $57,198 plus $4,027 for each dependant child
Upper Limit < $71,497 plus $5,034 for each dependant child Nil
Government Health Insurance Rebate
Adjusted Taxable Income
Assessable taxable income less deductions
Plus net investment losses e.g. rental properties
Plus reportable fringe benefits (grossed up)
Plus tax free benefits or pension
Less child support paid
Plus reportable superannuation contributions
Plus all foreign income
Single adjusted taxable income < $ 93,000 $ 93,001 - $ 108,000 $ 108,001 - $144,000 > $144,001
Family adjusted taxable income < $186,000 $186,001 - $ 216,000 $ 216,001 - $288,000 > $288,001
Plus $1,500 for each dependant child after the first.
Government Health Insurance Rebate:
1 April 2023 to 1 April 2024
Age
< 65 27.82% 18.55% 9.27% Nil
65 - 69 32.46% 23.18% 13.91% Nil
> 70 37.09% 27.82% 18.55% Nil
1 April 2023 to 1 April 2024
Age
< 65 26.79% 17.86% 8.93% Nil
65 - 69 31.26% 22.33% 13.40% Nil
> 70 35.72% 26.79% 17.86% Nil
Medicare levy surcharge:
No private hospital health insurance: Nil 1.0% 1.25% 1.5%
Medicare Levy Exemption Certificate
Eligibility:
You do not hold an Australian permanent resident visa and have not applied for one.
You do not reside in a country that has a reciprocal health care agreement:
These countries have agreements with Australia:
UK, Northern Ireland, Italy, Malta, Sweden, the Netherlands, Finland, Belgium or Slovenia
You are an Australian citizen residing overseas for 5 years or more
You are a New Zealand citizen that has been residing in Australia for less than 6 months.
Download the Medicare levy exemption certificate application
DISCLAIMER
We have clients from the following locations:
Brisbane, Gold Coast, Sydney, Newcastle, Sunshine Coast, Cairns, Canberra,
Melbourne, Adelaide, Perth, Darwin.
Other:
Brisbane, Albion, New Farm, Teneriffe, Newstead, Windsor,
Wilston, Bowen Hills, Wooloowin, Herston, Lutwyche, Hamilton, Eagle
Farm, Gordon Park, Fortitude Valley, Clayfield, Ascot, Hendra.
Morayfield, Burpengary, Caboolture, Bellmere, Wamuran, Narangba,
North Lakes, Mango Hill, Kallangur, Dakabin, Deception Bay, Bribie
Island, Elimbah, Kippa-Ring.
The information provided in the above documents is not intended to
be, nor should it be construed as tax advice. Any specific
recommendation for a client can only be done after their individual
circumstances have been determined by David Douglas Accountants.
We do tax returns for individuals, trusts, companies, partnerships, contractors, ABNs and sole traders.
Liability limited by a scheme approved under Professional Standards legislation