Tag Archive for: medicare levy

Superannuation homebuyer benefits

Benefits for homebuyers and seniors in 2017-2018 Budget

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There are no changes to personal income tax rates and thresholds in the 2017-2018 Budget, and there will be relief from the 2% Budget deficit levy, as anticipated, from 30 June 2017. On the other hand, the Medicare levy will be increased to 2.5% from 1 July 2019. There were changes for people repaying HELP debts for higher education, and the unexpected token of a small, one-off payment to pensioners.

Perhaps the most significant initiatives contained in the Budget are the housing affordability measures, a comprehensive approach which includes assisting first home buyers to build a deposit inside superannuation and allowing older Australians to contribute downsizing proceeds into superannuation.

Here is an outline of changes in the 2017-2018 as relevant to individuals:

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Medicare levy, Medicare levy surcharge, private health insurance rebate, and medical expense deductions finally explained

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Over the past year many people have been turning to Billings and Ellis for expert advice on the confusing interaction between the Medicare levy, the Medicare levy surcharge, private health insurance rebates and the ability to claim the medical expense offset.

This article attempts to explain each of these topics in plain language so that you can more easily structure your affairs with tax minimisation in mind.

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Medicare logo 2015

Medicare Levy and Wage Changes for 2014/2015

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Those employees earning a contracted wage, inclusive of superannuation, will find that their take-home pay is reduced from 1 July 2014.

This is because the medicare levy has gone up from 1.5% to 2.0%, which is to pay for the National Disability Insurance Scheme. The Superannuation Guarantee has also gone up from 9.25% to 9.5%.

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