The Medicare levy surcharge (MLS) is payable if an individual has a taxable income of $90,000 or a family taxable income of $180,000 and does not have private patient hospital cover. The Medicare levy surcharge starts at 1% of taxable income and increases to 1.5%, where an individual’s taxable income is $140,000 or for families $280,000. So to avoid paying this surcharge, an individual or family can instead pay for private health insurance with private patient hospital cover. This means a single person with a $100,000 taxable income and no private hospital cover which would typically be hit with a $1,000 Medicare levy surcharge can avoid it by spending $500 to take out a basic private patient hospital cover policy. A taxpayer can save a bit of money by just paying for the basic hospital cover and they get something out of it, unlike paying for the surcharge – it’s a win-win!

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21 August:

• Lodge and pay July 2021 monthly business/instalment activity statement

25 August:

• Lodge and pay quarter ending 30 June 2021 activity statement

28 August:

• Lodge and pay quarter ending 30 June 2021 superannuation guarantee charge statement if contributions were not paid on time*
• Lodge taxable payments annual report (TPAR)*

*Super guarantee charge is not deductible.
*TPAR will need to be lodged for the following industries: building and construction, cleaning, courier services, security and IT services.