Medicare & Other Levies
How much is the Medicare levy
The Medicare levy was introduced in February 1984 at 1.00% of assessabel income and has been increased as shown in the next table:
From |
Medicare Levy % |
February 1984 |
1.00% i.e. 0.416 for 2083-84 |
December 1986 |
1.25% |
1 July 1993 |
1.40% |
1 July 1995 |
1.50% |
1 July 1996 |
1.70% |
1 July 1997 |
1.50% |
1 July 2014 |
2.00% |
The temporary increase in 1996-97 was to fund the gun buy back scheme.
Flood Levy
The Flood levy applied to assessable income in the 2011-12 year to fund disaster relief:
Taxable Income (TI) |
Levy |
$0 to $50,000 | Nil |
$50,001 to $100,000 | 0.5% x (TI -50,000) |
More than $100,000 | $250 + 1% x (TI - 100,000) |
Budget Repair Levy
The Budget Repair Levy applies from 1 July 2014 for the 2014-15, 2015-16 and 2016-17 years. The levy is payable at the rate of two
per cent for each dollar of a taxpayer's taxable income over $180,000.