Tax - Medicare

Once New Prosperity establishes your personal taxable Income for both you and your partner it applies the thresholds for Medicare levy and the Medicare Surcharge. You can then investigate the impact of Medicare and especially the Surcharge at an additional 1% on top of the Medicare levy.

Medicare levy surcharge applies with in thresholds, levied against your taxable income personally or the combined income of a couple or family.

New Prosperity can help you understand the value in taking out Private health insurance against the total cost to you, your partner and / or your family. The Income summary pages, represent Medicare levy and surcharges that apply to either you or your partner as totals. Then conveniently New Prosperity adds up Medicare items to give an indicative expense representing the total family cost of Medicare levy and the Surcharge. This total can then be used to benchmark against your Private health cost per year.

New Prosperity empowers you to work with your partner in a cohesive manner by virtue of the fact it is an online service with access for the two of you from any where in the world. What better way to spend idle time on public transport accessing your account from an Ipad or Iphone investigating if strategies to reduce taxable income. This process of management for all facets of New Prosperity service is where the true value lies in subscribing to New Prosperity.   

SCENARIOS:

Once all financial data  is inputted, this is when New Prosperity becomes empowering to you. At this time you can model scenarios.

Eg

Incur an expense item related to work that would drop your combined income below the threshold that the surcharge applies. Saving a possible 1% surcharge on your taxable income if you do not have Private Health cover !