If you don't have cover yet, take it out as soon as possible in the tax year. Phone Appointments available. Find an office to book your appointment. What is the Medicare Levy Surcharge? Who is liable to pay the surcharge? How is the Medicare Levy Surcharge calculated? How to avoid the Medicare Levy Surcharge In order to avoid the surcharge, you must have the appropriate level of cover.
Tax Tip: health cover extras Beware health funds that try to sell you health cover plus extras to avoid the surcharge. Tax Tip: avoiding the surcharge Don't be fooled by marketing material advising you take out health cover before 30 June to avoid the surcharge.
August How-to Tax Laws. Share with your friends. Share to Facebook Share to Linkedin. Book an appointment with an expert. Book Now. Share Share to Facebook Share to Linkedin. Related Articles. Tax season can be stressful for many people — and this stress can make you more vulnerable to sca Understanding How Tax is Calculated in Australia.
Learn more about Australian tax system and tax rates, and how are income taxes computed for indiv If you hold hospital cover but temporarily suspended payments for that cover for example, to travel overseas , then you are not exempt during the suspended period and you will have to pay the surcharge for the suspended days. To be exempt from the surcharge, your hospital cover must be held with a registered health insurer and cover some or all of the fees and charges for a stay in hospital.
If you are from a country with a reciprocal healthcare agreement with Australia, and you earn over the surcharge threshold, then you can avoid the surcharge by purchasing an approved hospital insurance policy. However, you should note that for people with reciprocal Medicare benefits, this type of insurance will provide limited benefits for hospital treatment and you will incur significant expenses if you are admitted as a private patient. If you require cover for hospital treatment, you should use your reciprocal Medicare benefits as a public patient or consider Overseas Visitors Health Cover for treatment as a private patient.
The surcharge covers you and your dependents. Your dependents include: your spouse; any of your children who are under 21 years of age; or any of your full-time student children who are under 25 years of age. How Health Insurance Works Your questions answered. Compare Policies Find policies that match your needs. Search this site Find out about Private Health Insurance.
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