Reference

Glossary

Plain meanings for the tax and super words on the calculators. The official name and the short form are under each heading. Legal · where the numbers come from.

Tax

Medicare surchargeMedicare levy surcharge (MLS): An extra 1–1.5% on taxable income if you earn over the threshold and do not hold eligible private hospital cover. The ordinary 2% Medicare levy is separate. Turning hospital cover on in a calculator zeroes this surcharge, not the levy.
HELP debtHigher Education Loan Program (HECS-HELP) (HELP): The student-loan balance the ATO collects from your taxable income once you cross the repayment threshold. It is not a tax. Public-hospital packaging often adds the sacrificed amount back when HELP is calculated (HELP add-back).
tax taken from your wagePay as you go (PAYG): Tax withheld from a salary as you earn it. Hospital wage is PAYG. Locum invoices on an ABN are not — you pay later.
locum invoicesAustralian Business Number (ABN): The identifier for locum / contractor income. Taxed as business income, not withheld like PAYG, unless you have a voluntary withholding arrangement.
tax when you sellCapital gains tax (CGT): Tax on the gain when you sell an asset. Individuals who hold more than 12 months usually get a 50% discount. The family home is generally exempt. Depreciation claimed on a rental reduces the cost base.
financial yearFinancial year (FY): 1 July to 30 June. The FBT year is different (1 April to 31 March). NSW/VIC land tax is a calendar year.
the tax officeAustralian Taxation Office (ATO): The source for tax brackets, HELP debt, the Medicare surcharge, tax on gains, and the rental worksheet. Calculators here are rough figures based on those rules, not a tax agent.
low-income tax offsetLow income tax offset (LITO): A tax offset that cuts the income tax. $700 up to $37,500, then it phases out and is nil above $66,667. It does not reduce the Medicare levy.
GSTGoods and services tax (GST): Most medical services are GST-free. Section 38-7 of the GST Act says a supply of a medical service is GST-free, with the exceptions written in that section. The ATO medical-services page, last updated 12 June 2024, says a supply to another business or organisation is not GST-free as a medical service unless a Medicare benefit is payable. A service fee a practice charges a doctor for rooms and admin is that kind of supply, so it is generally a taxable supply, not the GST-free medical service to the patient. Goods and Services Tax Ruling GSTR 2006/1, 22 March 2006, is about guarantees and indemnities. It does not say that medical services are GST-free. The income-tax calculator does not work out GST.GST Act section 38-7 ↗ATO medical services, last updated 12 June 2024 ↗GSTR 2006/1, 22 March 2006 — guarantees and indemnities, not medical services ↗
income from your own workPersonal services income (PSI): Income that is mainly a reward for your own labour or skill, even if it is paid to a company or trust. A solo locum’s invoices are often this. The tax calculator does not apply these rules for you.

Super

compulsory employer superSuperannuation guarantee (SG): The compulsory employer contribution. 12% of ordinary time earnings in FY2026–27, capped on a maximum contribution base. QLD public is 12.75% in our hospital tool.
Division 293Division 293 tax (Div 293): An extra 15% on concessional super contributions once income plus those contributions exceed $250,000. Combined with the usual 15% contributions tax, that slice is taxed at 30%.
non-concessional contributionsNon-concessional contributions (NCC): Non-concessional contributions. Money that has already been taxed, paid into super. No 15% contributions tax. The annual cap, and the bring-forward, are separate from the concessional contributions cap. The general transfer balance cap is a different limit, on what can move into a retirement pension.
SMSFSelf-managed super fund (SMSF): SMSF (self-managed super fund). Same concessional contributions cap and non-concessional contributions cap as other taxed funds, unless you are in an untaxed scheme. Fixed costs weigh more on smaller balances.
ordinary pay, not overtimeOrdinary time earnings (OTE): The pay SG is calculated on — usually ordinary hours, not overtime. Salary-sacrifice of super can change OTE depending on the award.

Hospital

tax on packaged benefitsFringe benefits tax (FBT): Tax the employer pays on most packaged benefits. Public hospitals get a capped exemption (s57A). The FBT year runs 1 April to 31 March, not the financial year.
packaged amount on your payment summaryReportable fringe benefits amount (RFBA): The grossed-up packaged amount that appears on the payment summary. Used for HELP, MLS and some income tests even though you never received it as cash.
public-hospital packaging capFringe Benefits Tax Assessment Act s57A (s57A): The public-hospital and public-ambulance FBT exemption. Caps are $17,667 of benefits if GST-creditable (the $9,010 / $2,650 meal-entertainment pair we use) — confirm the current FBT year circular.
help with indemnity premiumsPremium Support Scheme (PSS): A Commonwealth subsidy when medical-indemnity premiums exceed 7.5% of gross private income. Obstetrics and neurosurgery hit it; most physicians do not.

Property

lenders mortgage insuranceLenders mortgage insurance (LMI): A premium the lender charges when the deposit is under 20%. Many hospital-doctor packages waive it. The waiver is a lender policy, not a law.
the home you live inPrincipal place of residence (the home) (PPOR): The home you live in. Usually exempt from land tax and from CGT. Interest on the home loan is not deductible.
depreciationCapital allowances and capital works (Div 40 / 43): Depreciation on plant (Div 40) and the building (Div 43). Type the quantity-surveyor number. It is a paper deduction and it reduces the CGT cost base on sale.
interest-onlyInterest-only (IO): You pay interest, not principal. The deduction is the interest. Cash out is lower than P&I (principal and interest) in the early years; the loan does not shrink.

Estate

who gets your superBinding death benefit nomination (BDBN): The form that tells the super fund who gets the death benefit. The will does not override a valid binding nomination.
someone who can act for youEnduring power of attorney (EPOA): The document that lets someone act for you if you lose capacity. Super, the offset, and the practice are separate from the will.

Investing

yearly fund feeManagement expense ratio (MER): The annual fee as a percentage of the balance. A cheap share fund at 0.07% versus about 0.80% in a typical default super option is why fees matter over decades.

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