What is the income for (Medicare levy) surcharge purposes test?
You use the income for surcharge purposes test if you or your dependants do not have an appropriate level of private patient hospital cover and are not exempt from paying the Medicare levy. You use the following parts of your income to work out your income for (Medicare levy) surcharge purposes: • taxable income (including the net amount you have paid family trust distribution tax on) • exempt foreign employment income (if your taxable income is $1 or more) • reportable fringe benefits amount (as reported on your payment summary) • total net investment loss (this includes both net financial investment loss and net rental property loss) • reportable superannuation contributions (this includes both reportable employer superannuation contributions and deductible personal superannuation contributions). less • If you are aged 55 to 59, any taxed element of a superannuation lump sum (other than a death benefit) you received that does not exceed your low rate cap.
