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|