At the beginning of April 2019, private health insurance had a much-needed overhaul with the introduction of structured health insurance tiers. With confusion growing over what health insurance policies did and didn’t cover, the aim of the new tier system is to greatly simplify the process of purchasing the right level of health cover for […]
Medicare and Health Insurance
Tax Advice: 2019 Tax Return | Increase Your Tax Refund | Superannuation | Tax Deductions | Medicare and Health Insurance
Medicare Levy vs Medicare Levy Surcharge – What’s the Difference and Do They Affect Me?
There are two very similarly named taxes that can affect how much you pay the tax man each year. The first is the Medicare Levy and the second is the Medicare Levy Surcharge. The Medicare Levy Surcharge The Medicare Levy Surcharge (MLS) is a Federal Government tax that helps pay for the public health system. […]
Private Health and Your Taxes: “Should I get Private Health Cover?”
There is a lot of debate in the media about the pros and cons of private health insurance. People are asking, “Should I get private health cover?” Opinions about private health cover are changing. Saving on taxes is part of the decision. According to Australian consumer watchdog, Choice, cheaper private health policies that only meet the minimum for […]
Is Your Tax Refund Affected by the New Private Health Rebate Changes?
A very common question from taxpayers this year: What’s the ‘private health insurance liability’ on my tax return?” In short, the private health insurance liability is an amount you have to pay back at tax time if you over-claimed the private health rebate during the year. This stems from the Government’s 2012 changes to the […]
