Ah, school holidays: a time when the kitchen becomes the epicentre of endless hunger cravings and snack searches.
Have you or your partner had a pay bump this year? Good on you! Getting a pay rise is something worth celebrating, but it’s important to understand how that extra dough could affect your tax bill, and to know what you can do about it.
One way that earning more can affect your bottom line at tax time is through the Medicare Levy Surcharge (MLS).
The MLS was put in place by the Australian Government to encourage families who earn $180,000 or more (increased by $1,500 for each child) to take out private hospital cover, to reduce the demand on the public health system.
The amount of MLS you’re charged can vary from 1% to 1.5% of your taxable income, depending on how much you and your partner earn. Find out more here.
Taking out one of our quality, affordable hospital covers will save you from paying this extra tax – and you may even qualify for a government rebate on your premiums to help you pay for it. You can combine these with your extras covers and enjoy the benefits of that investment in your health, including the choice of:
your treating doctor;
which hospital you go to; and
when you go into hospital.
Join Union Health before 30 June 2022 and get 4 WEEKS FREE after your first month of payment.*
Already a member? Add hospital cover to your Union Health policy before 30 June 2022 and receive an eGift card of your choosing up to the value of $250 from one of our participating Mates Rates partners or Prezzee digital gift cards.*
*Terms and conditions apply, see here.
News01 June 2022
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