I am planning to travel and live abroard for a year. During that time I will earn little to no money but will retain my resident status in Australia for tax purposes. I am considering putting my private health insurance on hold during that time, as it wouldn't work while abroad, and get travel insurance for my time abroad.
I shouldn't be hit by the medicare levy in my tax return because my income will be under the $90,000 income threshold. However I would like to know if suspending my private health insurance for a while could have disavantages or consequences I should be aware about for my future tax returns.
