You have probably heard about the private health insurance rebate but have no idea how it all works. Don't worry, you are not the only person.
Most people currently receive a rebate from the government to help cover the cost of their premiums. You probably receive your rebate in the form of paying lower premiums each month (ie: your monthly payments take into account the rebate so you might think you haven’t been receiving it).
What you also might not know is that the rebate you’re entitled to depends on your income. So if you are receiving too much rebate you will have to pay the extra rebate from your tax refund. Or if you didn’t receive enough of the rebate then you will get a bigger tax refund. This is why your health fund sends you a tax statement each year that needs to be included in your tax return.
The current rebate and income levels are as follows:
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Note that the information provided is general in nature and subject to change, please contact one of our professionals who can evaluate your circumstances and provide more accurate advice to your current situation.