Harper News


Health

 

Save health, and tax, with a salarysacrificed e-bike

Salary sacrificing a “company car” is a popular option, however you may not be aware that there is also a tax and health incentive with another particular set of wheels — an electrically assisted bicycle (e-bike).

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Net medical expenses tax offset is phasing out

Draft legislation was introduced in the 2013 budget to phase out the net medical expense tax offset (NMETO), which has finally been passed into law. It means that the offset will disappear by the end of the 2018-19 income year, with some interim transitional arrangements put in place between now and July 1, 2019.

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Tax guide on the National Disability Insurance Scheme

The National Disability Insurance Scheme (NDIS) came into effect on July 1, 2013. Under the new system, disability support will be provided to eligible participants or their representatives on their behalf. 

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Private health insurance rebate: FAQs

 By now, most people would know that the private health insurance rebate is being income-tested – effectively meaning that if you have private health insurance, the rebate you are entitled to receive depends on your annual income, your age and the number of dependent children you have. The table on page 2 summarises the thresholds, which are indexed annually.

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Private health insurance – tax return changes

From the 2012–13 financial year (so for your current tax return), the private health insurance rebate is being income tested against three income tier thresholds. This means if you have private health insurance, the amount of rebate you will be entitled to receive is reduced if your income is more than certain threshold income amounts (see table below). 

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Increase in Medicare levy to affect other tax rates

By now, most of you will be aware of the government’s decision to increase the Medicare levy by 0.5% to fund Australia’s Disability Care program. From July 1, 2014, the Medicare levy will increase from 1.5% to 2% of taxable income. What many people may not realise however is that the Medicare levy increase will cause a number of other tax rates to increase by 0.5% as well.

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Medical expenses: What can you claim?

Changes announced in the latest Federal Budget mean that from July 1, 2012, the Net Medical Expenses Tax Offset will have two income-based thresholds, both indexed annually. A lower threshold ($2,060 for 2011-12) applies to individuals with an annual taxable income of less than $84,000 and less than $168,000 for couples and families, and a higher threshold ($5,000) applies to those earning more.
 

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Health

 The government has committed $3.7 billion to a 10-year plan to revamp the aged care system by encouraging more people to keep their home and stay in it as they receive aged care. The aged care reform - known as Living Longer Living Better - is set to roll out on July 1, 2012.

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Pre-paying private health insurance

The private health insurance rebate is to be means tested from July 1, 2012, which will see the 30% rebate drop to 20% for singles earning more than $84,000 and families on $168,000.

It will then fall to 10% for incomes of $97,000 and $194,000 respectively before dropping to zero at incomes above $130,000 and $260,000

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Private health insurance rebate update

During April, the government released updated figures for the private health insurance rebate. The latest figures mean that singles earning more than $130,001 and families earning more than $260,001 will lose access to their private health insurance rebate under the new means test coming into effect on July 1, 2012.

 

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