Commonwealth Numbered Acts Commonwealth Numbered Acts
Private Health Insurance Act 2007
1 Section 22-35
Repeal the section, substitute:
22-35 Private health insurance singles thresholds
(1) A person's singles tier 1 threshold for the 2021-22 and 2022-23 financial year is $90,000. This amount is indexed for later financial years under section 22-45.
(2) A person's singles tier 2 threshold for the 2021-22 and 2022-23 financial year is $105,000. This amount is indexed for later financial years under section 22-45.
(3) A person's singles tier 3 threshold for the 2021-22 and 2022-23 financial year is $140,000. This amount is indexed for later financial years under section 22-45.
Note: A person may be a tier 1 earner, tier 2 earner or tier 3 earner if the person's income for surcharge purposes exceeds the applicable threshold for that tier: see section 22-30.
2 Subsection 22-40(4) (example)
Repeal the example, substitute:
Example: If the person has 3 such dependants who are children, the person's family tier 2 threshold for the 2021-22 and 2022-23 financial year is:
3 Subsection 22-45(1)
Repeal the subsection, substitute:
(1) An amount mentioned in section 22-35 is indexed for the 2023-24 financial year, and later financial years, in accordance with this section.
4 Paragraph 22-45(2)(a)
Repeal the paragraph, substitute:
(a) firstly, multiplying the amount by the * indexation factor for the financial year under subsection (4); and
5 Subsection 22-45(2) (examples 1 and 2)
Repeal the examples, substitute:
Example 1: If the amount to be indexed is $105,000 and the indexation factor increases this to an indexed amount of $107,500, the indexed amount is rounded back down to $107,000.
Example 2: If the amount to be indexed is $140,000 and the indexation factor increases this to an indexed amount of $142,500, the indexed amount is rounded down to $142,000.
6 Subsections 22-45(3) to (3B)
Repeal the subsections, substitute:
(3) However, do not index the amount for a financial year if the amount worked out under subsection (2) for the financial year is less than the amount applicable under section 22-35 or this section for the previous financial year.
(3A) If the amount is not indexed for a financial year because of subsection (3), the amount for the financial year is the same as the amount for the previous financial year.
Repeal the subsection, substitute:
(4) For the purposes of this section, the indexation factor for a financial year is:
8 Subsection 22-45(5)
Repeal the subsection.
9 Subsection 22-45(6)
Omit "mentioned in subsection (4) or (5)".
10 Application
The amendments of the Private Health Insurance Act 2007 made by this Schedule apply in relation to the 2021-22 financial year and later financial years.