Glossary beginning with M

Click one of the letters above to go to the page of all terms beginning with that letter.
Maximum contribution base search for term

A limit to the amount of superannuation contributions that an employer is required to provide for an employee.

Medicare levy search for term

An amount payable by most taxpayers to cover some of the cost of the public health system.

Medicare levy surcharge search for term

An extra amount payable by some taxpayers in addition to the Medicare levy. A taxpayer may have to pay the surcharge if they do not have the appropriate level of private hospital cover with a health fund and their Medicare levy surcharge income exceeds the threshold.

MyTax search for term
MyTax is the quick, easy, safe and secure way to lodge online. It's web-based, so you don't need to download anything and you can lodge your tax return on any device - computer, smartphone or tablet.
  • Fact 13

    During World War I, many taxpayers felt that it was their patriotic duty to pay more than their assessed tax. Some were not legally obliged to pay tax but did so and others made payments of double, treble or quadruple the assessed amounts.

Income tax rate

The proportion of taxable income that is paid as tax. The income tax rate is expressed as a percentage or in cents-per-dollar. Companies have a set tax rate, unlike individuals, whose tax rate increases as the amount of taxable income increases.

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