Hi
I am an Australian resident but have to be based overseas for a large part of this year. As such, I'm inclined to suspend my hospital/extras cover. My covers for hospital and extras are with two different providers. I am concerned if this will attract a medicare levy surcharge for the FY20/21 tax lodgement and how will I be able to claim an exemption.
Thanks in advance for the advice!
Hi @LW7
To claim an exemption for the Medicare levy surcharge you will need to consider if you fall into one of the categories that allow this. Take a look at the current information we have for Medicare levy surcharge exemption categories on our website.
If you don't qualify for an exemption you can contact your health fund to work out the amount of premium you expect to save by cancelling or suspending your cover. Then compare it to the surcharge you may have to pay. You can use the Income tax estimator on our website to calculate Medicare levy surcharge.
Ari
Hi @LW7
To claim an exemption for the Medicare levy surcharge you will need to consider if you fall into one of the categories that allow this. Take a look at the current information we have for Medicare levy surcharge exemption categories on our website.
If you don't qualify for an exemption you can contact your health fund to work out the amount of premium you expect to save by cancelling or suspending your cover. Then compare it to the surcharge you may have to pay. You can use the Income tax estimator on our website to calculate Medicare levy surcharge.
Ari
1,173 views
1 replies