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From 1 July 2009, there will be changes to how certain types of income affect eligibility for the CSHC. Depending on your circumstances, these changes may impact on your eligibility for a CSHC and you may be required to provide additional information about your income to Centrelink.

The adjusted taxable income test for CSHC will include:

  • assessment of total net investment losses. Total net investment losses are the sum of net losses from rental property income and net losses from financial investment income, and
  • subject to the passage of legislation, reportable superannuation contributions may be included in the adjusted taxable income test for CSHC. Reportable superannuation contributions are discretionary or voluntary contributions, for example salary sacrifice contribution and personal deductible contributions. 

Note: losses from rental properties are already included in assessable income for CSHC. From 1 July 2009, the adjustable taxable income test will also include losses from.

Source  :  http://www.centrelink.com.au/internet/internet.nsf/payments/conc_cards_cshc.htm

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The strategy :  To work out how the changes to the health insurance rebate affect me.

I suppose it means I’ll be paying more for my health insurance. That’s the gist of it though it will depend on whether Opposition leader Malcolm Turnbull delivers on his threat to block the legislation. As you may have picked up from the federal budget, the Government needs to find savings to fund higher pension payments.

One proposed measure is means testing the health insurance rebate, which currently allows you to claim a tax rebate of 30 per cent of the cost of your health insurance if you’re aged under 65, 35per cent if you’re 65 to 69 and 40 per cent if you’re 70 or older.

Most people ask their health fund to reduce their premiums to take account of the rebate rather than paying the full premium and claiming the rebate in their tax return. For someone under 65, a monthly insurance premium of $250 could be reduced to $175. That won’t change if you earn up to $75,000 if you’re single and $150,000 for families. But if your income is higher, your rebate will be reduced or cut out altogether.

How will that work? Let’s look at singles first. If you earn $75,001-$90,000, your rebate will be reduced to 20 per cent. If you earn $90,001-$120,000, the new rebate will be 10 per cent.

Once your income exceeds $120,000 you will be ineligible for the rebate.

For families, the combined income limits are $150,001-$180,000 for the 20per cent rebate, $180,001-$240,000 for the 10 per cent rebate and the rebate will disappear altogether once family income exceeds $240,000.

All income thresholds will be indexed to wages and will be adjusted for families with one child in the same way that thresholds are already adjusted for determining whether you have to pay the Medicare levy surcharge if you don’t have private health cover. The threshold is currently lifted by $1500 for each dependent child.

The Government says the definition of your income for the rebate will be the same as for the Medicare levy surcharge. Challenger’s head of technical services, Alex Denham, says this definition is changing from July 1 to include your taxable income, reportable fringe benefits, salary sacrificed to super or any personal deductible super contributions made and net investment losses. So higher-income earners won’t be able to use strategies such as salary sacrifice to get or increase their rebate.

Would I be better off dropping my health insurance and paying the Medicare levy surcharge? The proposed measures also include a rise in this surcharge precisely to stop this sort of behaviour.

The 1 per cent surcharge will rise to 1.25per cent once income exceeds $90,000 for singles or $180,000 for couples and to 1.5 per cent for incomes exceeding $120,000 or $240,000. That extra tax may cancel out any savings from dropping your health cover.

MLC’s head of technical services, Andrew Lawless, says a better option may be to make changes to your policy, such as increasing the excess you pay before claiming on the cover or reducing cover on ancillary benefits. However, to avoid the surcharge you must have hospital cover with an excess of $500 or less for singles or $1000 or less for families or couples per calendar year.

When will the changes come in? Not until July 1 next year, so you have time to check the final details if the measures are passed and weigh up your options.

It’s worth noting that the Medicare levy surcharge income limits will be indexed from their current levels of $70,000 for singles and $140,000 for couples to the new $75,000 and $150,000 levels at this time.

Source : www.watoday.com.au

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Socceroos qualify for 2010 World Cup

AUSTRALIA have booked a ticket to the 2010 World Cup finals in South Africa with a scoreless draw against a determined Qatar at the Al Sadd Club in Doha.

Needing only a point to officially seal qualification, the Socceroos got the job done against a youthful Qatar side to ensure back-to-back World Cup appearances for the first time.

The home side proved tougher opposition than they had in three previous losses, but Australia could feel unlucky not to have won after Tim Cahill struck the post with a spectacular bicycle kick in the first half and Qatari keeper Qasem Burhan made several brilliant saves in the second.                                      world cup 2010
 
The win means the Socceroos cannot finish any lower than second in Asia’s Group A, with the top two teams earning qualification.

They joined Asian rivals Japan as the first two sides to qualify for next year’s tournament, after the Blue Samurai sealed their spot with a 1-0 win over Uzbekistan earlier on Saturday.

Hosts South Africa are exempt from qualifying.

Both sides made a tentative start in front of a small but vocal  Doha crowd, with the Socceroos content to keep possession in the hot and humid conditions.

Qatar’s star striker Sebastian Soria Quintana looked dangerous early on and had the first real chance of the half after getting in behind Chris Coyne, but he flashed his shot across the face of goal.

The Socceroos muscled their way back into the game before Cahill was denied one of the great goals by the woodwork in the 27th minute.

Josh Kennedy, who impressed up front, flicked on a Mark Bresciano free kick with his head, before Cahill found himself in space, controlled with his chest and drilled an overhead kick into the right upright.

Harry Kewell became increasingly menacing after switching to the right win, going close to scoring himself before creating another move which led to Vince Grella firing a volley just over the bar in the 33rd minute.

Qatar had two chances late in the half with Cahill blocking Quintana’s effort and Mark Schwarzer punching away an ambitions long shot from Ahmed Faris.

Australia stepped up their game early in the second half with a flash of chances within a 10-minute period.

The first came to an unlikely source in defender Chris Coyne, who had his shot cleared off the line after attempting to turn in a headed Cahill effort.

The impressive Everton midfielder was again another stunner when his powerful drive was brilliantly saved in the 57th minute by Burhan.

Burhan was called into action again to tip over a Kennedy shot from out wide and once more in the 63rd minute when Kewell collected a brilliant Grella ball, cut inside Ibrahim Majed and forced another great save by Burhan with his right foot.

Continued to threaten and fired across the face of goal in the 80th and although they didn’t get the goal they perhaps deserved, it meant little when the whistle blew to ensure another historic World Cup appearance.

The Socceroos now have matches against Bahrain and Japan at home to celebrate.

Source www.news.com.au

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