26 June 2013

 

Changes to the Private Health Insurance Rebate

 

The ‘Private Health Insurance Rebate’ is an amount that the government contributes towards the cost of your private health insurance premiums. Most people claim the rebate as a reduction in the amount of premiums they pay to their private health insurers. Previously, the rebate was 30%.

 

From the 1st July 2012, the government changed the rebate amount so that it is now based on your level of income.

 

 If you are single and your income was less than $84,000, or if your combined family income* is less than $168,000, this does not affect you.

 

For everyone else, the rebate amount will be reduced and this will affect your Tax Return. It’s therefore very important that you bring your Private Health Insurance End of Financial Year Statement with you to your appointment. We will require this to work out this part of your tax return.

 

Please feel free to contact us for more information.