An event that we have become accustomed to every 1 April, is that the amount of the Private Health Insurance (‘PHI’) rebate decreases.
The Australian Government rebate on PHI is annually indexed on 1 April by a Rebate Adjustment Factor (‘RAF’) representing the difference between the Consumer Price Index and the industry weighted average increase in premiums.
The RAF for 2022 has been calculated as 1.
This means there will be no changes to the PHI rebate on 1 April 2022.
Editor: With inflation at levels Australians have been unaccustomed to over the last 20 years, at least there is one very small piece of good news.
Overview – The Cost of Living Budget
Last night, as expected, Treasurer Frydenberg handed down the Government’s fiscal pitch to Australian voters through a Federal Budget designed to ease cost of living pressures.
From a temporary reduction in fuel excise, a once-off $420 tax rebate and a $250 “cost of living” payment to some targeted business tax measures, the Budget aims to make everyone a winner from this pre-election Budget.
With a major caveat that the Government has to win the upcoming election for these measures to even begin the legislative process, let’s dissect the key issues for you and your business.
The Taxable payments annual report (‘TPAR’) must be lodged by 28 August each year. Taxpayers who operate in certain industries and that make payments to contractors may need to report these payments in a TPAR.
Individuals can now re-contribute amounts they withdrew under the COVID-19 early release of super program without the re-contribution counting towards their non-concessional contributions cap.
These contributions can be made between 1 July 2021 and 30 June 2030.