The 30% health insurance rebate will be subject to an income means test starting on the 1st of July 2012.
The following table outlines the changes which will come in to effect:
The Medicare levy surcharge is also going to increase for higher income earners. The surcharge is only imposed when the income threshold is exceeded and the taxpayer does not have an appropriate level of health insurance.
For singles earning less than $84,000 and families earning less than $168,000 there will be no surcharge payable.
Above those thresholds there is a sliding scale starting at a 1% surcharge and increasing to 1.5% for singles earning more than $130,001 and families earning more than $260,001.
If you would like to discuss how these changes affect your personal situation please give us a call on 03 9682 7011 or contact us using our website contact form.