Update- Legislation The Medicare levy increases from 1.5% to 2.0% from 1 July 2014 with the following new total amount payable per annum. | Taxable Income | Medicare Levy (pa) | | | | | $25,000 | $500 | | $50,000 | $1,000 | | $75,000 | $1,500 | | $100,000 | $2,000 | | $150,000 | $3,000 | | $200,000 | $4,000 | | | |
Note, this increase in the Medicare levy is in additon to the Medicare levy surcharge which can add up to a further 1.5% per annum. These addiitonal taxes certainly help to sharpen the focus on strategies to reduce assessable income. At Newealth we are always looking to support and promote our clients wherever possible and if you have any ideas or comments, please feel free to email me via ‘Contact Us’ at www.newealth.com.au or to call me on +61 2 9267 2322.
11th-March-2014 | 
