If you have private health cover then you may be eligible for private health insurance rebate. The rebate is calculated on the amount of premium.
From 1st April 2014, adjusted rebate percentages will apply to premiums paid on or after 1st April.
If you don’t have private patient hospital cover then you may have to pay Medicare levy and surcharge.
Rebate amount will depend on your single or family income. You can claim the rebate as either a premium reduction or a refundable tax offset.
In July each year, you should receive an annual private health statement with details of your policy and premium paid. You will need this statement to claim any rebate.
We are Lyndhurst Accountants and provides taxation, accounting, compliance and auditing services in Cranbourne, Lyndhurst, Lynbrook, Berwick, Carrum Downs and neighboring suburbs.
Call Tax Accountants Lynbrook at 1300 300 106 for further information.