Epping Accountant says Medicare levy  to increase by 2 percent - image

Call Epping accountants W Wen and Co to discuss how the increase in the Medicare levy will affect your taxation obligations – (02) 9871 3429

From 1 July 2014, the Medicare levy for individual resident taxpayers will increase to 2% of taxable income

No change has been proposed to the Medicare levy surcharge which is currently imposed at a rate of 1% to 1.5% (depending on the income levels and marital status of the individual resident taxpayer)

Employees face immediate reduction in their take-home pay

In their first pay packet after 1 July 2014 employees will take-home less as a result of  an increase in the Medicare levy.

Taxable income Additional Medicare levy payable per annum Additional weekly Medicare levy payable
$50,000 $250 $4.80
$80,000 $400 $7.69
$120,000 $600 $11.54
$180,000 $900 $17.31

Call our tax agents and advisors now on (02) 9871 3429 to see how we may assist with your business or personal taxation planning.