No Private Health Insurance

There is no private health insurance

If you do not have private health insurance, click here. The Medicare Levy Surcharge (MLS). What is it? When you are singles and make over $90,000 (or a pair or familiy that makes over $180,000), purchasing private medical insurance can help you minimize your taxes by preventing you from having to foot the Medicare Levy Surcharge (MLS). Good tidings are that you can buy a universal service for about the same cost as (or even less than) the extra taxes you may have to have.

MLS is charged at a per diem basis, so if you have private health insurance for only part of the fiscal year, you may have to purchase MLS for the rest of the year. Each year at fiscal period, a reminder from your bookkeeper that you should take out private health insurance!

It therefore makes good business to regulate private health insurance and to prevent MLS. Doesn't everyone get to play Medicare Levy? We have two parts of Medicare Levy: Most of us are paying a 2% Medicare Levy as part of our Medicare levy to support Medicare. Lone parent and couple (including de facto couples) are governed by levels of families.

Need private health insurance for the entire year? This supplement is to be paid for each of the days for which you do not have private health insurance during the year. That means if you buy private health insurance on 1 July and keep it for the whole fiscal year, you don't be paying MLS.

If, however, you take out private insurance after 1 July or do not keep your insurance for the entire fiscal year, you must reimburse the supplement for each single date on which you do not have private insurance. Everybody in your household needs private insurance? When you are a MLS member and have a dependant child, everyone in your household, even your dependants, must have private medical insurance to prevent you from paying MLS.

Do you have any further question about Medicare Levy Surcharge? To learn more about Medicare Levy Surcharge, please go to the ATO website. If you have special taxation issues, please consult your local representative. If you have a question about how private health insurance can help you prevent MLS, call Australia University at 1300 835 301.

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