Happy New (Financial) Year! It's time to dig out those receipts and bills you’ve stashed somewhere and see if you could be eligible for a healthy tax refund. Doing your taxes can be confusing and time-consuming. Yet that extra boost to your bank account could be worth it in the long run.
When you’re a parent, you may also need to think about whether you receive Family Tax Benefit or Child Care Subsidy around this time of year. Given the many factors to consider at tax time, you wouldn’t be alone in putting off the task. Maybe you’re in a hurry to get it done? Either way, don’t forget to add ‘bill refresh’ to your to-do list.
Sorry to pile something else onto your plate, but not reviewing common household bills and expenses regularly could be costing you.
New research from comparison service iSelect found that almost half of Aussies (48 per cent) say the new financial year is prompting them to review common household bills to make sure they’re getting a good deal. Time to get onboard!
What’s health insurance got to do with it?
Whether you hold a private health insurance policy or not, this common expense should be a top priority. When it comes to tax time, private health insurance typically isn’t the first thing that springs to mind. But have you heard of the Medicare Levy Surcharge? This is an extra tax on higher-income earners who don’t take out (and continue to hold) an appropriate level of private hospital cover during the financial year.
iSelect General Manager – Health Andres Gutierrez explained that the Medicare Levy Surcharge income thresholds increased on July 1.
“If you don’t have a policy and received a pay rise recently, you could now be in surcharge territory and not even realise it,” he said.
“As we’re already weeks into the new financial year, you may still have to pay the surcharge for every day you’re without cover, but you likely won’t have to shell out the full amount if you purchase a policy now.”
“At least you’ll have that peace of the mind that comes from having private hospital cover instead of ending up with a higher tax bill.”
The study from iSelect also found that most Aussies with private health cover (69 per cent) have either never switched their health insurance plan and/or provider or haven’t for more than two years.1 This highlights another important reason to think about private cover.
As life goes on and the kids get taller in the blink of an eye, our health needs change, too. If you’re covered, but it’s been a few years since you checked the details of your policy. AKA the ‘set and forget’ mistake, you could be paying for services that you don’t need or use!
Check your energy plan.
There’s a lot to unpack when it comes to your power bills. Think supply charges, rates, usage… too many numbers and it’s quickly put into the ‘too hard basket’ for many Aussies. Just paying your bills without reading them properly could be a big mistake. Here’s the lowdown.
Depending on where you live, you will probably receive an electricity rate reduction on July 1 (or in August). After years of significant price hikes, there’s a chance you’re already paying more than you need to be to keep the lights on and the kid’s devices charged. While families can take extra steps around their home to reduce energy usage, it might not impact bills too much.
Now’s the time to check how much you’re currently paying, including what your service and supply fees are. Compare it against what other providers are charging and see if you can switch for a better deal. Remember to check whenever you’re advised of a price change. There’s no limit to how many times you can switch.
Don’t worry, you’re not alone in this new financial year bill refresh. As a single mum, you’re likely pretty time-poor. So you can enlist iSelect’s trained comparison experts to do the hard work for you. They can help you understand private health cover and find a policy that suits your needs and budget. As well as, compare your energy deal against a range of other plans and providers. If you decide to switch, they’ll take care of it, saving you time and effort.
Disclaimers
iSelect does not compare all energy providers or plans in the market. The availability of plans may change from time to time, depending on who iSelect’s providers are and what plans they make available to iSelect. Not all plans made available from iSelect providers may be compared by iSelect either due to commercial arrangements, area or availability, so not all plans or providers compared by iSelect will be available to all customers. Some plans and special offers are available only from iSelect’s contact centre or website. Energy plans are available only for properties located in eligible areas of Victoria, New South Wales, South East Queensland, South Australia and ACT. Click here to view iSelect’s range of providers.
iSelect does not compare all health insurance providers or policies in the market. The availability of policies will change from time to time. Not all policies available from its providers are compared by iSelect and due to commercial arrangements, your stated needs and circumstances, not all policies compared by iSelect are available to all customers. Some policies and special offers are available only from iSelect’s contact centre or website.
