High Performance Accounting
Call Toll Free: (1300) 622-422 - Email: info@topclassaccounting.com

News & Updates

Archive for March 2013

Private Health Insurance

Means Testing of Private Health Insurance Rebate

The Private Health Insurance Rebate was introduced in 1999 to encourage Australians to take out their own private health insurance and reduce the reliance of an aging population on Government-funded health services. Effective from 1st July 2012, the Federal Government has now introduced a tiered rebate structure based on means-testing. The amount of rebate you receive is also affected by your age.

Singles earning under $84,000 and families earning under $168,000 are eligible for the maximum rebate, and at the other end of the spectrum, singles earning over $130,000 and families earning over $260,000 are not eligible for any rebate.

The Medicare Levy Surcharge was also modified according to the same tier structure.

Singles
Families
Up to $84,000
Up to $168,000
$84,001-$97,000
$168,001-$194,000
$97,001-$130,000
$194,001-$260,000
$130,001
$260,001
REBATE
< 65 y.o. 30% 20% 10% 0%
65-69 y.o. 35% 25% 15% 0%
70+ y.o. 40% 30% 20% 0%
MEDICARE LEVY SURCHARGE
All Ages 0% 1% 1.25% 1.5%