Estimate your 2% Medicare Levy, low-income threshold phase-in relief, and Medicare Levy Surcharge (MLS 1% to 1.5%) if you do not have private hospital cover.
You are paying A$1,500.00 in MLS surcharge penalty. A basic hospital cover policy typically costs around ~A$1,200.00/year. Purchasing private health insurance could save you approx. A$300.00 while providing private hospital access.
Total Health Tax = (Taxable Income × 2%) + (Taxable Income × MLS Rate [0%, 1%, 1.25%, 1.5%])If complying private hospital insurance is held for the full 365 days of the tax year, MLS rate is 0%.
All calculations, amortizations, and scenario projections displayed on this page are strictly for informational and educational purposes. Nothing herein constitutes investment, financial, tax, or legal advice. Actual ATO tax rates, superannuation rules, RBA cash rates, and lender criteria may vary. Calconova explicitly disclaims all liability for any decisions taken based upon these calculations. Consult an ASIC-licensed financial advisor or CPA prior to executing financial commitments.
Calculate net take-home pay across weekly, fortnightly, monthly and annual periods with updated Stage 3 tax cuts, Medicare Levy (2%), and 12% Superannuation.
Calculate compulsory HECS/HELP repayments based on your Repayment Income (1% to 10% tiers) and estimate annual inflation indexation impacts.
Calculate income tax and Medicare savings by salary sacrificing into superannuation or utilizing public healthcare/charity NFP packaging ($15,900 cap).