Lowest change in 17 years
The Nationals-Liberal Government’s reforms to take the pressure off private health insurance will deliver the lowest annual premium change in almost two decades. Health funds will have average weighted premium increases of 3.95 per cent from 1 April, 2018.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
This is the lowest increase since 2001. From 1 April, a single person will pay an average of around $1.40 extra a week, while families will pay an average of around $2.75 extra a week for their private health insurance. We know that every dollar matters to Australian families and although this is the lowest increase in 17 years, there is more work to be done. More than 13 million Australians have private health insurance and it is vital that cover is affordable and provides value for money. We’re encouraging younger Australians to take up private health insurance by allowing insurers to discount premiums for 18 to 29 year olds by up to 10 per cent. To support Australians in regional and rural areas, insurers will be able to offer travel and accommodation benefits for people in regional and rural areas who need to travel for treatment. There are 37 private health insurance funds operating in Australia and I encourage consumers to shop around to get the best deal for themselves and their families. Independent advice on health insurance — free of commissions — is available online at www.privatehealth.gov.au
Protecting your super
The Nationals-Liberal Government has released draft legislation to protect workers’ superannuation entitlements and modernise the enforcement of the superannuation guarantee. The draft laws will extend Single Touch Payroll to all employers from 1 July 2019, which will improve the reporting of superannuation obligations and improve the Australian Taxation Office’s ability to get real time information about an employer’s compliance. In addition, from 1 July 2018 superannuation funds will commence ‘event-based’ reporting to the ATO of payments they receive for employees from their employer.
Combined, these measures provide the ATO with more timely information to support earlier detection and proactive prevention of non-payment of superannuation that is rightfully owed to employees. The Government’s commitment to a Director Identification Number will help identify those directors who are robbing their employees of their superannuation.
There will now be serious consequences for employers who break the law. The ATO will have a suite of enforcement and collection tools, including strengthened arrangements for director penalty notices and security deposits for superannuation and other tax-related liabilities.
The draft legislation and supporting materials are available https://treasury.gov.au/consultation/c2018-t256652/. Submissions are invited by February 16.
