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The amount of Medicare levy you pay is reduced if your taxable income is below a certain threshold. In some cases, you may not have to pay the levy at all.
The thresholds are higher for low-income earners, seniors, and pensioners. If your taxable income is above the thresholds, you may still qualify for a reduction based on your family taxable income.
Medicare levy reduction eligibility
In 2020–21, you do not have to pay the Medicare levy if:
The amount of Medicare levy you pay will be reduced if:
You may still qualify for a reduction based on your family taxable income.
If you do not qualify for a reduction in the Medicare levy, you may still qualify for a Medicare levy exemption.
Remember, we are here to help you with your Tax and BAS. Contact us on 0481 953 556 or email us at firstname.lastname@example.org to find out more.
Source: ATO.gov.au. Medicare levy reduction for low-income earners. Link available here