19th Jun 2012
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Private Health Insurance Rebate
Author: YourLifeChoices
Private Health, insurance, rebate, Centrelink

YOURLifeChoices subscriber Kerri is keen to know which income year will determine her rebate on private health insurance.

Q. Kerri,

I understand the brackets and the effective date being July 1,2012. I'd like to know however which income year they use to determine if the rebate is reduced. We sold a property this year so our income will be high in the 2011-2012 tax year but we are retiring in December so our income for the 2012-2013 year will be dramatically less.

A. Kerri, the year in which your taxable income is means tested for the Government Private Health Insurance Rebate is 2012/13. The rebate will also be means tested in subsequent years.

The Private Health Insurance Rebate will reduce for singles earning more than $84,000 and families earning more than $168,000. The rebate will cease altogether for singles earning more than $130,000 and families who earn over $260,000.





    COMMENTS

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    Sapper
    19th Jun 2012
    6:13pm
    O.K. But what if our income is over the $260,000 limit? We lose the rebate, but do we also have the Medicare 1.5% loaded onto us?
    These, of course, are not extra taxes. It is just screwing those who didn't spend their money while they were saving for their retirement. But not extra taxes.


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