Tax and the GST
- How can joining MBF save me tax dollars?
- Which health products attract the GST?
- What is the impact of GST on MBF's products and services?
- Who can I speak to at MBF about GST?
How can joining MBF save me tax dollars?
High income earners taking out appropriate MBF hospital cover for themselves, their partner and their dependants will avoid the additional 1% Medicare levy.
If you are eligible for full Medicare benefits, there is a Federal Government rebate on MBF membership premiums. You can choose to receive the rebate in the form of a premium reduction by completing a form called Application to Receive the Federal Government Rebate as a Reduced Premium available from MBF Centres and Medicare offices. You can also claim the rebate with your annual tax return or as a cash refund at any Medicare office.
The Federal Government passed legislation that increases the rebate on private health insurance for Australians who are aged 65 and over. Please call 131 137 for a quote on your membership premium if you believe you are eligible for a higher rebate.
Which health products attract the GST?
The rules about GST and health products are situation-specific, often dependent on the type of treatment and who is treating you.
Generally, if your treatment is provided by a medical practitioner in hospital and is accepted as being necessary for the treatment of your condition, it will be GST-free. The hospital costs associated with the treatment will most likely be GST-free. Yet GST applies to hospital or medical costs for cosmetic treatments, and other hospital charges such as television rental and magazines.
Because the GST legislation can be very complex, you should always check with the hospital to see if GST will apply to any part of your treatment.
What is the impact of GST on MBF's products and services?
Health insurance is not subject to sales tax. There will be no reduction in the price of our product as a direct consequence of the removal of sales tax.
Although your private health cover remains GST-free, some in2life discounts and deals we sell, such as discounted movie and theme park entry tickets, will have GST included in their price.
MBF adheres to the ACCC guidelines, to pass on appropriate tax related savings to our customers as they are realised.
Who can I speak to at MBF about GST?
Customer queries:
MBF Customer Services 131 137
