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Health rebate calculator

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Newbie

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Replies 2

How does the health insurance rebate calculation work if someone has negative taxable income. Its doesn't allow a negative number to be inputted.

 

For example if I had taxable income of $100k (including a rental loss of $20k) and net rental loss of 20k and my spouse has a taxable loss of -$20k (due to rental loss) and a net rental loss of $20k, the calculator shows income as $140k even though income for the family group is never asw high as $140k.

 

 

1 ACCEPTED SOLUTION

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Most helpful response

Taxicorn

Replies 1

Income + rental loss (as a positive number) + Spouses rental loss (as a positive number)

 

Soo $100k + 20K + 20K = $140k

 

Rental loss is always added back in.

 

Are you sure that your property is owned 50/50 on the title and it has an overall loss of $40,000?

 

2 REPLIES 2
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Most helpful response

Taxicorn

Replies 1

Income + rental loss (as a positive number) + Spouses rental loss (as a positive number)

 

Soo $100k + 20K + 20K = $140k

 

Rental loss is always added back in.

 

Are you sure that your property is owned 50/50 on the title and it has an overall loss of $40,000?

 

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ATO Certified Response

Community Support

Replies 0

Hi @David99,

 

Thanks for your question!

 

@macfanboy is correct, but I'd like to clarify a little more. Your income for Medicare levy surcharge purposes includes total net investment losses, as well as a number of other types of income, benefits and losses. This is what is used when calculating your entitlement to any Private Health Insurance rebate.

 

Hope this helps,

 

Rachael B.