Save Tax on Health Insurance
Government Incentives and Penalties - The Australian government has put in place a number of initiatives designed to get Australians covered by private health insurance. If you know what these initiatives are, you may be able to save on tax, time and money...
The 30% Government Rebate on Private Health Insurance
A 30 per cent rebate on annual health fund premiums, regardless of income and from the 1st April, 2005, the rebate was increased to 35 per cent for those aged between 65 and 69, and to 40 per cent for those aged 70 or older.
- Learn more about the 30% Rebate
The Medicare Levy Surcharge
By taking out eligible levels of Private Health Insurance you can save tax. If you don't have the apropriate level of hospital insurance and are either single and earning $100,000* or more, or a couple or family earning a combined income of $150,000* or more you will in all likelihood pay an extra 1% in tax.
This is called the Medicare Levy Surcharge and can equate to a minimum of $1,000, a year for singles and $1,500 a year for families. Essentially this is money that is foregone and could have been used to purchase private cover. In addition to avoiding paying the extra tax, the Federal Government rebates 30% of your health insurance costs.
- Learn more about the Medicare Surcharge
* Based upon the Commonwealth Budget announced 13 May 2008 (updated 14/5/08).
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