Income for Surcharge Purposes

From 1 July 2009 the ATO will change the way income is calculated for various tax offsets and obligations.

Income for surcharge purposes includes your:

• modified taxable income
• reportable fringe benefits, as reported on the payment summary
• total net investment loss
• reportable super contributions.

The ATO will use your income for surcharge purposes to work out whether you have exceeded the Medicare Levy Surcharge threshold.

For more details go to ==> Changes to Income Tests