If you've recently welcomed a new addition to your family, don't forget to add them to your family health insurance or you could find yourself with a nasty tax shock.
While couples may have a family health insurance policy, many parents maintain single-member health insurance until kids come along. In both cases, it's important to remember to add children as dependents to the policy following their birth or inclusion in the family unit following marriage or adoption.
Failing to add your child to your private health insurance could mean that you may be levied with the Medicare Surcharge of 1% for each year they are not on the policy. Given that private health insurance is now means-tested, it can be an expensive thing to forget.
For more information about the Medicare Levy Surcharge, visit the Private Health website
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Last updated September 2013. This article is provided for information purposes only and should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.
This article is provided for information purposes only and correct at the time of publication. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.