Saving tax with Private Health Insurance
Tax time 2012
Your tax related questions answered and everything you want to know about your Tax Statement.
Want to avoid the Medicare Levy Surcharge?
If you are single and earning more than $84,000 per annum ($168,000 for families) and do not hold private hospital cover during any period of the income year, you may have to pay the Medicare Levy Surcharge (MLS) for the period you were without cover. See the table below for more information.
You can avoid the MLS simply by taking out private hospital cover with Australian Unity, so click here to see what cover options we have.
Changes to the Australian Government Rebate on private health insurance
From 1 July 2012, the Australian Government Rebate on private health insurance is income tested. This means that the amount of rebate you currently receive on your health cover will be dependent on income as well as age and this may impact what you currently pay. Use our calculator to see if you are affected by the changes.
The table below shows the changes based on income, age and the Medicare Levy Surcharge.
For families with children, the thresholds increase by $1,500 for each child after the first. The changes will NOT affect individuals earning under $84,000 and Couples/Families earning under $168,000.