Cost
$0.00 (FREE) - Personal Use
$29.99 - Commercial Use
FREE Medicare Levy Surcharge vs Private Hospital Insurance Calculator
This Medicare Levy Surcharge vs Private Hospital Insurance Calculator aims to help Australians to decide whether they should pay Medicare Levy Surcharge or buy Private Hospital Insurance in order to save money.What is the Medicare levy surcharge (MLS)?
According to ATO website, "Individuals and families on incomes above the MLS thresholds, who do not have private patient hospital cover pay MLS for any period during the financial year that they did not have this cover. We calculate MLS at the rate of 1% of your taxable income. The MLS is in addition to the 1.5% Medicare levy."
Here is a screen shot that will give you a better idea that what you need to do and how this free calculator might help you to save money.
View full size image of FREE Medicare Levy Surcharge vs Private Hospital Insurance Calculator
This calculator is built in Excel worksheet. You need to have Microsoft Excel 2000-2007 and Windows to use it, or you can use any software applications that can open and read XLS spreadsheet or workbook documents.
From the 2009-10 income year, a new test referred to as 'income for surcharge purposes' will be used to determine if you are liable to pay the Medicare levy surcharge. If you have a spouse, your combined income for surcharge purposes will be used. Income, for surcharge purposes, is the sum of your:
* taxable income (including the net amount on which family trust distribution tax has been paid)
* exempt foreign employment income (if your taxable income is $1 or more)
* reportable fringe benefits (as reported on your payment summary)
* total net investment losses (includes both net financial investment losses and net rental property losses)
* reportable super contributions
less
* if you are aged 55-59 years old, any taxed element of a super lump sum, other than a death benefit, which you received that does not exceed your low rate cap. (Please note: This free Medicare Levy calculator does not incorporate this point.)
Income for surcharge purposes is only used to determine whether you are liable to pay. It is not used to calculate how much surcharge you pay. The Medicare levy surcharge is only levied on the total of your taxable income and reportable fringe benefits.
Download FREE Medicare Levy Surcharge vs Private Hospital Insurance Calculator Now!
Download
File Type
.xls - Excel Spreadsheet
.xls - Excel Spreadsheet
File Size
~44KB
~44KB
Required
Microsoft Excel® 2002(XP), 2003, 2007
Microsoft Excel® 2002(XP), 2003, 2007