“We have been clients of DKM Investment Services for the past 5 years. Over this period we have benefited from the advice given to us in developing a financial plan to improve our tax position and to allow us to enjoy a satisfying lifestyle.” ~ Peter & Claire McDonald,
“We have always been able to rely on their flexibility and courteous service, Their staff have consistently made the extra efforts to assist us in completing our projects on time.” ~ Robert Patridge - Fitzroy Motors Pty Ltd, Dealer Principal
“When planning ahead for our retirement we wanted to know how we could achieve our goals and continue to live a comfortable lifestyle once we both stopped working. The tailored investment strategies of DKM Investments Services has allowed this.” ~ Robert & Michelle Peters,
David O'Brien: Director - Client Services
David has over 30 years experience in the accounting profession and has previously been a Partner with a large international accounting... Read more >>
Fiona McCredie: Director - Client Services
Fiona has a number of years experience working as a professional accountant providing business advisory services to clients in a variety... Read more >>
John Fisher-Stamp: Director - Client Services
John Fisher-Stamp is a Chartered Accountant and a Client Services Director of The DKM Group.† John Specialises in the... Read more >>
Letitia Weatherhead: Principal - Client Services
Letitia worked in regional Queensland as a professional accountant before joining the DKM Group in 1999 and provides both... Read more >>
Mark Davies: Director - Auditing & Superannuation
Mark has a dual role at the DKM Group, leading both the Audit and Superannuation divisions.† He has an... Read more >>
Michael Dowling: Director - Client Services
Michael has developed a unique combination of skills with over fifteen years in the chartered accounting profession, and more... Read more >>
Paul Symons: Director - Client Services
Paul has a wealth of accounting experience following a number of years within the banking and finance sectors.† He... Read more >>
Sharon Pullen: Director - Client Services
Sharon has a number of years experience as a professional accountant providing business advice to a large and broad... Read more >>
Dale Blamire: Director - Client Services
Dale brings over 30 years experience in the accounting profession to the DKM Group.† He specialises in the management... Read more >>
Denis Owens: Director - DKM Investment Services
Denis Owens is a Director of DKM Group and Managing Director of Insight Investment Services, joining the company in... Read more >>
Stephen Lennon: Director - Client Services
Steve works with a large cross section of clients on advisory issues such as business management, tax minimisation strategies... Read more >>
Greg Mallam: Director - Client Services
Greg has over 30 years of accounting experience, including 22 years as a Partner/Director of the DKM Group and... Read more >>
Managing tax implications of private health rebate changes
If you have private health insurance you will have recently received advice from the Australian Taxation Office about changes to the private health insurance rebate.
Tuesday 12 June 2012
|Managing tax implications of private health rebate changes |
If you have private health insurance you will have recently received advice from the Australian Taxation Office about changes to the private health insurance rebate. Itís important to consider how best to manage the impact these changes might have on you.
Currently there is a Medicare levy surcharge of 1% for single taxpayers who earn more than $80,000 pa and for couples who earn more than $160,000 who do not have private health insurance. Taxpayers under 65 generally receive a 30% rebate on their private health cover, which increases to 35% for those 65-69, and 40% if you are over 70.
From 1 July 2012 the private health insurance rebates will be income tested, which may mean a reduction in the rebate you previously received.
Medicare levy surcharge and private health rebate entitlements from 1 July 2012
This will mean that couples earning over $194,001 will pay a higher surcharge if they do not have private health cover. The rebate changes will mean net health insurance premiums will increase for higher income earners, but they may still be better off paying health insurance cover rather than the Medicare surcharge.
What can I do?
Some private health insurance companies are offering pre payment services before 30 June so members can take advantage of the current rebate entitlements. If you are in an income bracket that will result in your rebate being affected we would urge you to consider pre paying your insurance premium before 30thJune this year.
If you would like to discuss which approach best meets you circumstances please contact your local client service advisor.