My latest You Tube video is about the medicare levy surcharge. The surcharge is a 1% penalty tax that applies to individuals who are earning medium to high incomes and do not have private hospital insurance.
Insurance salesman on the TV and radio try to use this rule to get people to buy health insurance. Whether you have health insurance or not should be based on more than just tax. But if you are thinking of buying insurance just to save tax, watch the video before you do.
One thing I forgot to mention in the video is that you don’t avoid the tax just by getting insurance before June 30. You pay tax based on how many days during the financial year you had health insurance, so if you sign up on June 30 you only avoid the tax for one day!
This video is general information only, and is provided for your education. To find out more about medicare levy surcharge visit:
If you can’t view the embedded video below the direct link is: http://youtu.be/AATVS0Vwi-M