11 (Levies and charges)[1]

Foundations of taxation law 112c cch australia

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Foundations of Taxation Law [¶11.2](c) © CCH Australia Limited Medicare levy surcharge Medicare levy surcharge Medicare levy surcharge is imposed on a person’s  “income for surcharge purposes” Income for surcharge purposes Reportable fringe benefits total Taxable income Reportable superannuation contributions Total net investment loss Less the amount of a superannuation benefit eligible for a tax offset under s 301-20(2) ITAA97
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Foundations of Taxation Law [¶11.2](d) © CCH Australia Limited Medicare levy surcharge (cont) Medicare levy surcharge (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)
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Foundations of Taxation Law [¶11.3](a) © CCH Australia Limited The Higher Education Loans  The Higher Education Loans  Program (HELP) Program (HELP) HELP consists of: HECS-HELP (for eligible Commonwealth  supported students) FEE-HELP (for eligible fee-paying students), and 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
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Foundations of Taxation Law [¶11.3](b) © CCH Australia Limited
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  • Fall '09
  • Law, CCH Australia Limited

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