Latest news with #iSelect
Yahoo
29-06-2025
- Health
- Yahoo
ATO $1,318 warning as thousands of Aussies urged to act now
Australians are being urged to check their health insurance cover, or risk being hit with an extra tax by the Australian Taxation Office (ATO). Hundreds of thousands of people are stung with the Medicare Levy Surcharge each year, with the average person forking out an extra $1,318 in tax. Fresh data from the ATO revealed that 768,537 people paid the Medicare Levy Surcharge in 2022-23, up nearly 25 per cent from 616,903 people who paid it in 2021-22. The Medicare Levy Surcharge is designed to encourage higher-income earners to take out private hospital cover. From July 1, the singles threshold at which the tax applies will be $101,000, up from $97,000, while the family threshold will be $202,000, up from $194,000. The surcharge is paid on top of the Medicare levy of 2 per cent, and is between 1 and 1.5 per cent depending on your income. RELATED $8,000 ATO boost applied to Medicare Levy Surcharge Days left for millions of Aussies to claim ATO $20,000 tax benefit ATO reveals 10 highest paying jobs in Australia iSelect spokesperson Sophie Ryan said health insurance wasn't typically top of mind around tax time, but urged Aussies to add it to their end-of-financial-year checklist. 'More than half of policyholders surveyed (55 per cent) weren't aware of the reduction in the private health insurance rebate this year,' Ryan said. 'Meanwhile, one in five of all Aussies (20 per cent) don't even know whether they're paying the Medicare Levy Surcharge – an extra tax that higher-income earners may have to pay if they don't have an appropriate level of hospital cover by July 1.' The private health insurance rebate is a contribution the government makes towards your private health insurance premium. It is income-tested and applies to singles earning $158,000 and under, and families earning $316,000 and under for the 2025-26 financial year. The rebate ranges from 8 to 32 per cent, depending on your income and you have hit the Medicare Levy Surcharge this financial year, you can't take out a health insurance policy now to avoid the charge completely. Tax Invest Accounting director Belinda Raso explained that taxpayers are liable for the surcharge for each day they are not covered by private health insurance. 'It's very hard to avoid it if your income's over that amount,' she told Yahoo Finance. 'A lot of people don't realise the reportable fringe benefits will get them in most cases because they get grossed up.' The ATO considers your combined taxable income, reportable fringe benefits, total investment losses, and reportable super contributions for your income for Medicare Levy Surcharge purposes. Raso said you would need to take out private health insurance before July 1 if you wanted to avoid the surcharge completely next financial year. If you already have a health insurance policy in place, it could be worth comparing your cover to make sure you aren't being stung with a loyalty tax. iSelect research found 76 per cent of policyholders had either never switched their health insurance or hadn't done so in more than two years. This could mean they are missing out on savings, with 65 per cent of Aussies who switched revealing they had saved at least $100 a year, 43 per cent around $200 and one in five $500 or more. 'A quick review to see if there's a more suitable deal according to your budget and health needs available could save you serious money and give you peace of mind,' Ryan said. Ryan recommended reviewing what things you are covered for, including any extras, plus considering your in to access your portfolio
West Australian
09-06-2025
- Health
- West Australian
Seven in 10 Aussies admit to faking sickie in past year
Seventy per cent of Australians faked a sick day at work in the past year when they were not actually unwell, a new study has found It was estimated sickies cost Australian businesses $7.3bn a year in lost productivity and 24.6 million days off. The study conducted by iSelect found the most common reasons people took a sick day were a lack of sleep, to relax and recharge, mental health or personal issues to deal with family, or relationship problems. The health insurance comparison service found when mental health issues were counted as personal leave, 68 per cent of Australians still admitted to taking a fake sick day. The highest proportion of people pulling a sickie were workers aged 25 to 34 (84.5 per cent). The most significant difference between men and women surveyed was that 26.6 per cent of women used a sick day for a mental health day compared with 19.5 per cent of men. Men 12.9 (per cent) were more likely to take a sick day because they were hungover compared with women (8.5 per cent), but twice as many women (20 per cent) were more likely to take the day off to care for children than men. Other excuses revealed some workers took sick days to attend a special event or they just wanted the day off for general leisure. Others avoided meetings or did not want to go to work because it was raining. iSelect general manager of health Andres Gutierrez said the research found it was very common for Australians to take a sickie at least once a year despite not being physically ill. 'A lack of sleep, wanting to relax and recharge, and mental health are the top three reasons, highlighting how some Australians might choose to prioritise self-care,' he said. 'If you're finding it tough to get a good night's sleep or you're dealing with mental health challenges, it's important to reach out for support.'
Perth Now
09-06-2025
- Health
- Perth Now
One act most Aussies admit to faking
Seventy per cent of Australians faked a sick day at work in the past year when they were not actually unwell, a new study has found It was estimated sickies cost Australian businesses $7.3bn a year in lost productivity and 24.6 million days off. The study conducted by iSelect found the most common reasons people took a sick day were a lack of sleep, to relax and recharge, mental health or personal issues to deal with family, or relationship problems. The health insurance comparison service found when mental health issues were counted as personal leave, 68 per cent of Australians still admitted to taking a fake sick day. About 4 per cent of Australians had a day off last year because it was raining or too hot. NewsWire / Monique Harmer Credit: News Corp Australia The highest proportion of people pulling a sickie were workers aged 25 to 34 (84.5 per cent). The most significant difference between men and women surveyed was that 26.6 per cent of women used a sick day for a mental health day compared with 19.5 per cent of men. Men 12.9 (per cent) were more likely to take a sick day because they were hungover compared with women (8.5 per cent), but twice as many women (20 per cent) were more likely to take the day off to care for children than men. About 4.6 per cent of Australian workers took a sick day in the past year to attend an event when they did not book annual leave. NewsWire / Andrew Henshaw Credit: News Corp Australia Other excuses revealed some workers took sick days to attend a special event or they just wanted the day off for general leisure. Others avoided meetings or did not want to go to work because it was raining. iSelect general manager of health Andres Gutierrez said the research found it was very common for Australians to take a sickie at least once a year despite not being physically ill. 'A lack of sleep, wanting to relax and recharge, and mental health are the top three reasons, highlighting how some Australians might choose to prioritise self-care,' he said. 'If you're finding it tough to get a good night's sleep or you're dealing with mental health challenges, it's important to reach out for support.'
News.com.au
09-06-2025
- Health
- News.com.au
Seven in 10 Aussies admit to faking sickie in past year
Seventy per cent of Australians faked a sick day at work in the past year when they were not actually unwell, a new study has found It was estimated sickies cost Australian businesses $7.3bn a year in lost productivity and 24.6 million days off. The study conducted by iSelect found the most common reasons people took a sick day were a lack of sleep, to relax and recharge, mental health or personal issues to deal with family, or relationship problems. The health insurance comparison service found when mental health issues were counted as personal leave, 68 per cent of Australians still admitted to taking a fake sick day. The highest proportion of people pulling a sickie were workers aged 25 to 34 (84.5 per cent). The most significant difference between men and women surveyed was that 26.6 per cent of women used a sick day for a mental health day compared with 19.5 per cent of men. Men 12.9 (per cent) were more likely to take a sick day because they were hungover compared with women (8.5 per cent), but twice as many women (20 per cent) were more likely to take the day off to care for children than men. Other excuses revealed some workers took sick days to attend a special event or they just wanted the day off for general leisure. Others avoided meetings or did not want to go to work because it was raining. iSelect general manager of health Andres Gutierrez said the research found it was very common for Australians to take a sickie at least once a year despite not being physically ill. 'A lack of sleep, wanting to relax and recharge, and mental health are the top three reasons, highlighting how some Australians might choose to prioritise self-care,' he said. 'If you're finding it tough to get a good night's sleep or you're dealing with mental health challenges, it's important to reach out for support.'
Sydney Morning Herald
07-06-2025
- Business
- Sydney Morning Herald
Power bills got you sweating? Stay warm without spending a fortune
Real Money, a free weekly newsletter giving expert tips on how to save, invest and make the most of your money, is sent every Sunday. You're reading an excerpt − sign up to get the whole newsletter in your inbox. As I write this on a frosty Melbourne morning, the mercury has dipped below 3 degrees, prompting the ritualistic donning of black puffer jackets and a sharp spike in the number of people working from home. I've heard it's also quite cold in Sydney but, frankly, whatever goes on north of the Murray River is none of my business. Scientists have also discovered that cold weather is often associated with thoughts such as 'oh my god I'm never going to be warm again' and 'can I do everything I need to get do today from bed?' It can also see many of us crank our heating up to ridiculous levels, which is great for short-term relief but bad from a power bill perspective. This is especially problematic for those of us with large or poorly insulated houses (so, basically, all of us, as 80 per cent of Australian houses have a two star or less energy rating). What's the problem? To make matters worse, energy prices are on the up. Power prices are set to rise by up to 9.7 per cent in NSW and 5 per cent in Victoria from July 1, after the market regulator announced its latest round of annual price setting. These rises are just an estimate too, as calculations by Canstar show that over the past six years, 67 per cent of the actual prices ended up higher than the proposed price. All in all, it's shaping up as a bad year to be cold. What you can do about it So if the chill is creeping a little too much for your liking (and it's only June!), here are some moves you can make: Shop around: You can put on as many jumpers as you like, or stack on three more blankets, but nothing will save you as much money as jumping ship to a new energy retailer. Comparison expert at iSelect, Sophie Ryan, says everyone should get on the front foot now and check how your current energy offer stacks up – including what your service and supply fees are. 'While power prices may be higher across the board and will increase further for many homes from July 1, there are still differences between retailers and plans, and even a small price difference could make a big difference to a quarterly energy bill,' she says. It's a common misconception (and something that I ramble on about all the time) that loyalty pays, but it doesn't. Your energy provider owes you nothing, and vice versa, so if another one is offering a better deal (even if it's just a one-off for new customers), go get it. The government even has a free, independent energy price comparing tool which you can access here.
