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Disclaimer

This is not advice. Items herein are general comments only and do not constitute or convey advice per se. The information contained in these articles is for guidance only and should not be relied upon without obtaining professional advice having regard to your direct circumstances.

 

Private Health Insurance Rebate

The private health cover rebate changed on the 1st July 2015:
  • Most people were receiving a standard 30% rebate on their premiums, either taken along the way as reduced premiums or claimed and refunded as part of their annual tax return.
  • From 1st July 2012 the rebate is income tested
  • For families with multiple children the threshold increases by $1,500.00 for every child after the first
  • If you want to avoid a potential tax liability you need to contact your Private Health insurer to advise your current or expected income level and adjust your rebate tier.
  • The new rates and tiers are set out in the table below:


Income

 

Base Tier

Tier 1

Tier 2

Tier 3

Singles

$90,000.00 or less

$80,001.00 - $105,000.00

$105,001.00 - $140,000.00

$140,001.00 +

Families

$180,000.00 or less

$180,001.00 - $210,000.00

$210,001.00 - $280,000.00

$280,001.00 + 

Rebate

Aged under 65

26.791%

17.861%

8.930%

0%

Aged 65 – 69

31.256%

22.326%

13.395%

0%

Aged 70 or over

35.722%

26.791%

17.861%

0%

 


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