11 (Levies and charges)[1]

Taxable income is below certain threshold amounts

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taxable income is below certain threshold amounts Phase-in rules – the Medicare levy is phased in where the taxpayer’s taxable  income is above the threshold amount, but below the “phase-in limit” Medicare levy surcharge Medicare levy surcharge Medicare levy surcharge is imposed on a person’s “income for surcharge purposes” Medicare levy surcharge Medicare levy surcharge     (cont) (cont) Imposed at the rate of 1% for any period during an income year that the person is  not covered by private health insurance Surcharge applies if “income for surcharge purposes” exceeds: $77,000 for singles (2010/11) $154,000 for families (2010/11) The Higher Education The Higher Education     Loans Program (HELP) Loans Program (HELP) HELP consists of: HECS-HELP (for eligible Commonwealth supported students) FEE-HELP (for eligible fee-paying students), and
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OS-HELP (for eligible Commonwealth supported students studying overseas  during their courses) Higher education fees can be paid: Upfront (discount applies if the payment is > $500), and/or By taking out a HELP loan Repayment of HELP debts Repayment of HELP debts HELP debts: Must be repaid under the tax system where “repayment income” exceeds  prescribed annual threshold amount  May be voluntarily paid off at any time (10% bonus credited against remaining  HELP debt if the payment is > $500) The rate of repayment varies depending on the level of the person’s “repayment  income” Repayment income Repayment income HELP repayment HELP repayment     thresholds and rates thresholds and rates     2010/11 2010/11
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