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Medicare Levy Surcharge Calculator

Medicare Levy Surcharge Calculator

  1. Ron

    Ron New Member

    Joined:
    12th Mar, 2007
    Posts:
    4
    Location:
    Launceston
    Ron submitted a new resource:

    Medicare Levy Surcharge Calculator - Medicare Levy Surcharge Calculator

    Read more about this resource...
     
    Last edited by a moderator: 15th Sep, 2016
  2. AsxBroker

    AsxBroker Well-Known Member

    Joined:
    8th Sep, 2007
    Posts:
    1,448
    Location:
    Sydney, NSW
  3. Ron

    Ron New Member

    Joined:
    12th Mar, 2007
    Posts:
    4
    Location:
    Launceston
    Excel formula?

    Hi,

    Thanks for your reply. I am looking for an excel formula as I would like to add this into a simple tax calculator that I have on my laptop. This way, I can use the calculator any where and simply alter the values as changes in amounts or legislation occurs. I am thinking that an excel guru would throw a couple of vlookups, IF formulas etc. around that would work nicely. Would be great to simply put the details in about the person eg. single, couple, kids, how many etc and the calculator says, yep you are liable for MLS and this is how much. Cheers.

    Ron
     
  4. AsxBroker

    AsxBroker Well-Known Member

    Joined:
    8th Sep, 2007
    Posts:
    1,448
    Location:
    Sydney, NSW
    Hi Ron,

    You might want to double check the governments new thresholds as PM Rudd changed it.

    Basically it is an additional 1% (on top of the standard Medicare Levy) after you earn more than the thresholds.

    It's relatively simple apart from figuring the out your income.

    Double check more information on the ATO website as they should have all the tools you need.

    Cheers,

    Dan

    PS I'm not a tax adviser, don't believe anything I say!
     
  5. Ron

    Ron New Member

    Joined:
    12th Mar, 2007
    Posts:
    4
    Location:
    Launceston
    Thanks Dan,

    Are you suggesting that I trust tax-advisers, ha.

    Ron
     
  6. bella

    bella Well-Known Member

    Joined:
    6th Jun, 2007
    Posts:
    48
    Location:
    QLD
    Here is a calculator I made, it is part of a more comprehensive tax calculator sheet that I put all my payslips in each fortnight and tells me how I am going throughout the year. It is for 2007-2008, but if you change some of the numbers you can modify it for next year.
     

    Attached Files:

  7. Ron

    Ron New Member

    Joined:
    12th Mar, 2007
    Posts:
    4
    Location:
    Launceston
    To Bella

    Hi Bella,

    Thank you for your calculator, I can see how useful that is for you. It is fantastic how people such as yourself are willing to share. The net really is great. Imagine if you were to send the calculator to all of your friends for their benefit then how would you make it easy so that they could simply input whether they are single or couple, kids or no kids, incomes etc. In this way the calculator could actually look at any persons circumstances taking into account the ATO rules and give a Yes/No answer and amount of MLS. Anyway, I am not that good with excel so will keep trying to learn and if I come up an answer I will post it here. Thanks again.

    Ron
     
  8. scoots34

    scoots34 New Member

    Joined:
    24th Jun, 2008
    Posts:
    1
    Location:
    Wodonga Victoria
    Thanks

    Hi Guys,
    Thanks for this. Useful spreadsheet and congrats for thinking ahead of the game. Good luck.
    Cheers,
    Scott