Other taxes for individuals in (Medicare Levy)

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Example : If you rent out a property and earn AU$25,000 ($16,250) a year, but have AU$7,000 ($4,550) in deductible expenses, you will only pay tax on AU$18,000 ($11,700).

The Medicare Levy is a 2% tax levied on the dominican republic phone number library taxable income of tax residents in Australia. Its primary purpose is to help fund Australia's public health system, which provides essential medical services to the population.

Additionally, if you are on a high income and do not have private health insurance , you may have to pay an additional surcharge called the Medicare Levy Surcharge. This surcharge is designed to encourage people to take out private insurance and reduce the pressure on the public system. Depending on your income level, it can range from 1% to 1.5% of your taxable income.

For example, if you have a taxable income of AU$150,000 ($97,500) a year and you don't have health insurance , you could pay an additional surcharge of up to AU$2,250 ($1,462) a year (on top of the standard 2% Medicare Levy). This would bring your total contribution to the health system to AU$5,250 ($3,412).

These are, more or less, the main taxes applicable to individuals in Australia. But they are not the only ones. There are other specific taxes that may not affect all taxpayers, but which are relevant in particular contexts. They range from the purchase of luxury goods to employment benefits and are designed to address specific cases within the tax system.