Private heath insurance rebate changes
Written on the 20 March 2012 by Macmillans Waller Fry - Accountants
A package of Bills to means test the 30% private health insurance rebate has made its way through Parliament.
The changes will mean the amount of rebate available will depend on an income test for each financial year for individuals and families.
The changes will apply from 1 July 2012 and will introduce three new "Private Health Insurance Incentive Tiers".
In conjunction with this, and also from 1 July 2012, the rate of Medicare levy surcharge for individuals and families without private patient hospital cover will increase depending on their level of income.
TIP: Individuals and families should be mindful of the 1 July 2012 start date. Further, some health insurance companies have indicated their intention to increase premiums. Please contact our office for more information.
Author: Macmillans Waller Fry - Accountants
|Social media marketing is a powerful way to promote your business and establish a connection with your target market. Your content should closely relate to what you’re trying to sell or provide. A key to great content is that it must be consistent and regularly updated. This is important be...|
|If you’ve unintentionally been going over your superannuation concessional contributions cap in past years, you may not have to worry about it from now on. As of 1 January 2020, eligible individuals with multiple jobs can apply to opt-out of receiving super guarantee (SG) from some of their...|