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Email: office@aubreypaton.com.au

Address: 17D Chester Street, Oakleigh VIC 3166

Latest Accounting News
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Articles
Last-minute super contributions
ATO reporting requirements for builders and contractors
Pitfalls of 'late' super payment
Important - Private Health Insurance Rebate - 2012-13
Tax Time checklist - Company, Trust or Partnership - 2012
Tax time checklist - Superannuation Fund - 2012
Tax time checklist - Individuals - 2012
GST Change of Use Continuing Obligations
What is 'lost' Super?
Small Business CGT Concessions
GST Private Use Continuing Obligations

April\May 2011 Newsletter

Federal Budget 2012 - 2013  -  At a Glance
Federal Budget 2012-13  -  Overview
Federal Budget 2012 - 2013
More Pressure on SME's
Who will pay the unexpected FBT?
Carbon tax to commence on 1 July 2012
Government Set on Countering Phoenix Activities
MARCH 2012 NEWSLETTER
Important - Private Health Insurance Rebate - 2012-13

 

A short opportunity exists for taxpayers on higher incomes to defer the higher health insurance premiums.







After 1 July 2012, entitlement to a private health insurance rebate will be income tested and the Medicare Levy Surcharge
can increase.  The new income thresholds
and rebate entitlements will be:-


Income thresholds

Singles

$0 - $84,000

$84,001 - $97,000

$97,001 - $130,000

$130,001 and above

Families*

$0 - $168,000

$168,001 - $194,000

$194,001 - $260,000

$260,001 and above

Private health insurance rebate

 

Unchanged

Tier 1

Tier 2

Tier 3

Aged under 65

30%

20%

10%

0%

Aged 65-69

35%

25%

15%

0%

Aged 70 or over

40%

30%

20%

0%

Medicare levy surcharge

Rates

0%

1%

1.25%

1.5%




 The rebate entitlement will be determined on lodgement of 2013 income tax return.  The
difference between the entitlement and what has been obtained by the reduced
premium will be part of the tax assessment.




 Private health funds and the Australian Taxation Office have been explaining these changes.  A taxpayer with income over $84,000 (single)
or $168,000 (family) will pay a higher health insurance premium.




 A higher Medicare levy surcharge applies for a taxpayer with inadequate cover.




 Opportunity


Private health funds are accepting premiums in advance (6 to 24 months) on the old rules, so ask immediately.  The funds are not offering this openly, but
will accept the premium, and the Minister for Health has agreed.


This opportunity does not exist if a taxpayer claims the lower premium when lodging their tax return.

 

 





26th-June-2012