What’s new

14 July 2014

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
  • Income thresholds used to calculate the private health insurance rebate will remain unchanged from 1 July 2015 to the 2020-21 financial year
  • 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 or less

$90,001 - $105,000

$105,001 - $140,000

$140,001 +

Families

$180,000 or less

$180,001 - $210,000

$210,001 - $280,000

$280,001 +

Rebate

Aged under 65

25.934%

17.289%

8.644%

0%

Aged 65 – 69

30.256%

21.612%

12.966%

0%

Aged 70 or over

34.579%

25.934%

17.289%

0%

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