25 Jul 13 On the private health insurance rebate
MEMBER 159 writes:
"I wonder how many 2013 tax assessments are going to have a $1 debit for the overclaimed private health insurance rebate. I have prepared a number of tax returns for clients who have HCF as their insurer and have claimed the 30% rebate through reduced premiums. When I enter the relevant data in the return and check the tax estimate every return shows a negative offset of $1. This appears to have occurred because HCF has rounded up the 30% rebate and the software rounds down. I am yet to receive an assessment for any such returns and I hope that sanity will prevail and the $1 rounding will be ignored, otherwise Mr Rudd will extract $1 from every taxpayer in this situation. Am I being cynical or just facing reality?"