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’ shown on my tax return?”
In short, the private health insurance liability is an amount you have to pay back at tax time if you have over-claimed the private health rebate during the year.
This is directly linked to the last year’s changes to the private health insurance rebate you get from the government.
In the past, this rebate was a standard 30% regardless of your income. Not anymore…
What has changed?
If you earn more than $88,001 as a single or $176,001 as a family you are no longer entitled to receive the full 30% rebate.
How will this affect me?
If your income falls into one of the higher income tiers and you have not informed your health insurer, then it’s possible you have received a larger private health rebate than you are entitled to. The ATO calculates the amount of rebate you are actually entitled to based on your income and compares this with the rebate you have claimed during the year. If you have unknowingly claimed higher than your entitlement, the ATO will require you to repay the difference. The amount of this repayment is listed as the private health insurance liability on your Notice of Assessment.
Interested in joining our team? Why not apply today?
About Our Traineeships:-
Join the Market Leader in 2016 – Accounting Traineeships
Looking to study a B.Com at University of Newcastle in 2016?
Bottrell Business Consultants are a Multi Award Winning Firm
We have 2016 Traineeships available – work 3 days Study part-time 2 days
Apply now to Tara Skippen on tara@bottrellaccounting.com.au – send resume & cover letter
www.bottrellaccounting.com.au or check us out on Facebook, Twitter, Instagram or LinkedIn
Offices – East Maitland | Newcastle | Sydney | Melbourne | Brisbane | Gold Coast
Bottrell Business Consultants Pty Ltd – Chartered Accountants and Business Advisors.
The Bottrell group incorporates Bottrell Business Consultants, Bottrell Accounting & Taxation, Maitland Accounting & Taxation, East Maitland Accounting Services and Mobile Bookkeeping & Recruitment.
Our group of businesses & links include the following companies (& our websites);-
- Bottrell Accounting & Taxation – Visit out website
- Bottrel Business Consultants Pty Ltd – Visit our website
- Maitland Accounting & Taxation – Visit our website
- East Maitland Accounting Services – Visit our website
- Mobile Bookkeeping & Recruitment – Visit our website
Comments are closed.