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I am an Australian Tax resident for the period 1st July 2019 to 30th June 2020 and with 35 years of age. I am holding Medicare card from Feb 2019 and do not have any private health Insurance.
Now I am filing tax returns for this year and would like to know, do I need to pay Medicare levy charge for the full financial year or only from Feb 2020 to June 2020(as I heard that, you do not need to pay Medicare Levy surcharge for the first year from your medicare start date even though you do not have private insurance.)
We have combined family income more than 200k
Please help me on this.
Thanks for the response.
You mean, since I do not private insurance for the complete year, I need to pay Medicare Levy surchagre for the full year and medicare start date does not matter here.
To establish when the Medicare levy surcharge kicks in for you see Income thresholds and rates for the Medicare levy surcharge. It explains it best. Remember you are being assessed on the 2020 Tax Year not the previous one.