A recently announced ATO initiative will target individuals who are falsely claiming an exemption on the Medicare levy.
Using metadata matching technology, the ATO will aim to ensure that individuals are meeting their tax obligations.
The program is also predicted to identify a number of individuals who do qualify for the exemption, but have not yet received it.
Approximately 130 000 Australians qualify for the exemption.
The Department of Human Services will provide the ATO with the data necessary for them to identify people who do qualify for the exemption in the 2013-14 and 2014-15 financial years.
The ATO also believes that it will identify individuals who are attempting to avoid the Medicare levy surcharge.
The Medicare levy increased from 1.5% to 2% this year to help fund the NDIS, and the Medicare levy surcharge is calculated at 1-1.5% of total income.
Our accountants are available to discuss the ATO targeting false Medicare exemptions and the Medicare levy in general.
Call (02) 4926 2300 or email us.
If you wish to discuss the Medicare levy in more details, please do not hesitate to contact the team here at Leenane Templeton.
Comments are closed.