Medicare provides Australian residents with affordable, accessible and high quality health care. To help fund such scheme, most taxpayers pay a Medicare levy of 1.5% of their taxable income. However you might be eligible for Medicare levy reduction or Medicare levy exemption. If your income is above a certain threshold - Medicare levy surcharge may apply.
After devastating floods in Queensland in 2011 Australian Government has introduced a flood levy (also known as the Temporary Flood and Cyclone Reconstruction Levy) to help fund the rebuilding of essential infrastructure damaged by natural disasters such as roads, bridges, and schools. The flood levy applies to taxable income for the 2011-12 financial year only and is paid by most taxpayers.
When looking into life insurance policies in Australia, it's important to get an understanding of the entire process, from how much the premiums are to taxes on life insurance benefits. Do you need to pay taxes on Life Insurance in Australia? What type of taxes do you need to pay on top of your premiums and how Life Insurance payout is taxed?