Has your combined income grown this year? Congratulations! Earning more is something to celebrate, but it’s important to understand how seeing a bump in pay could affect your tax bill, and to know what you can do about it.
If you’ve got extras only cover with us, one way you could be paying too much at tax time is via the Medicare Levy Surcharge (MLS).
The MLS was put in place by the Australian Government to encourage families who earn $180,000 or more (increased by $1,500 for each dependent child) to take out private hospital cover, to reduce the demand on the public health system.
The amount of MLS you’re charged can vary from 1% to 1.5% of taxable income, depending on how much you and your partner earn. Find out more here.
Taking out one of our quality, affordable hospital covers will save you from paying this extra tax – and you may even qualify for a government rebate on your premiums to help you pay for it. You can combine these with your extras covers and the benefits of choice – including the choice of:
your treating doctor;
which hospital you go to; and
when you go into hospital.
Add hospital cover to your TUH policy before 30 June 2022 and receive an eGift card of your choosing up to the value of $250 from one of our participating Wellbeing Benefit partners or Prezzee digital gift cards.*
Not a member? Join TUH before 30 June 2022 and receive 4 WEEKS FREE after your first month of payment.*