Private Health Insurance

by Private Health Insurance CoverPrivate Health Insurance Rebate (PHI)Private Health Insurers

By the ATO guideline, you may entitled to get private health insurance rebate or tax offset depends on below condition:

  • the age of the oldest person covered by your policy, and
  • your single or family income depending on your family status.

If you hold private health insurance and your income is more than ATO threshold, you can receive less amount of rebates of private health insurance.

ATO will calculate the amount of private health insurance rebates and you will get rebates when you lodged your tax return in the financial year.

You can claim rebate for private health insurance as :

  • premium reduction, which lowers the policy price charged by your insurer
  • refundable tax offset through your tax return.

You can get tax offsets on private health insurance but depends on:

  • how you claim your rebate
  • the level of rebate you have claimed for your policy
  • your income for surcharge purposes.

For more information on online tax return 2020, Tax Return 2020, myGov 2020, myTax 2020 or any other tax related matter, please call our professional accountant on 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au

Private Health Insurance Rebate

by Lifetime Health Cover (LHC)Private Health Insurance CoverPrivate Health Insurance Rebate (PHI)

Your right to a private health insurance rebate or tax offset depends on our income level. If we have private health insurance:

  • the amount of private health insurance rebate we are free to receive is reduced if our earnings is more than a certain amount
  • Tax agent will calculate the amount of private health insurance rebate we are entitled to receive when we lodge our tax return.

We can claim our private health insurance rebate as a:

  • premium reduction, which lowers the strategy price charged by our insurer
  • Refundable tax offset during our tax return.

This may affect in us receiving a tax offset or a liability, depending on:

  • how we claim our repayment
  • the level of rebate we have claimed for our policy
  • our income for Medicare levy surcharge purposes.

If you have private health insurance cover, you may be entitled for the private health insurance (PHI) rebate. Most people maintain the rebate as a reduction in the amount of premiums they pay to their insurer. The rebate is income tested, which means that if you have a higher income, your rebate entitlement may be reduced, or you may not be entitled to any refund at all.

If you don’t have a suitable level of private patient hospital cover, you may have to pay the Medicare levy surcharge.

Private health insurance (PHI) rebate

To be eligible for the rebate, you must have a complying health insurance policy and meet other criteria. The rebate amount will depend on your single or family income. You can claim the rebate as either a premium reduction or a refundable tax offset. The rebate percentages are familiar by a rebate adjustment factor on 1 April each year.

Lifetime health cover (LHC) loading

Lifetime health cover (LHC) loading is a penalty that usually applies if you have not taken out and maintained private health insurance from the year you turned 31 years old. The PHI rebate is no longer due on LHC loading.

For more information on myTax 2018, myGov 2018, Online Tax Return 2018 , or any other related matterplease contact us at 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.

GET FREE Tax Refund estimate and Option of getting refund in 1 Hour, prior year Tax returns are also available, Just fill in your basic details on our website at www.taxrefundonspot.com.au or by emailing us on enquiry@taxrefundonspot.com.au we will check your employment history from ATO records, personal visit available at tax refund on spot.

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