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Prepaying your private health insurance may save you 30% tax

Posted by medicalfinancial on 21 May 2012

Changes to the private health insurance rebate

Means testing of the 30% rebate for health insurance premiums comes into effect on the 1st July 2012. The full details are in linked document below:

http://www.medicalfinancial.com.au/images/120521HealthInsuranceChanges.pdf

In summary if you are single and earning over $129,000 or a family and earning over $258,000, you will not longer get the 30% rebate on premiums paid after the 1st July. Given that the private health insurance rebate relates to the financial year in which the premiums are paid rather than the year in which the policy provides cover, a possible strategy may be to prepay private health insurance premiums, before the 30th June, and thus obtain the 30% rebate for the next 12 months at least.

Please contact Medical Financial if you would like specific advice as to whether this is appropriate to your situation.

Author: medicalfinancial
Tags: Website News Tax

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The information on this site is of a general nature. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions.

The financial planning services are provided by Medical Financial Pty Ltd trading as Medical Financial Planning (AFSL 506557)