The good news is that your tax information is sent straight to the Australian Tax Office. This means that if you see an accountant they may already have your tax information at your appointment, or if you use myTax it will pre-fill the details for you.
At the end of each financial year, all health insurers are required to issue tax statements for memberships that have held an appropriate level of cover at some point during the last financial year. A tax statement will help you claim any entitlements as part of your annual tax return, such as the Australian Government Rebate on private health insurance.
To help you out, we’ve prepared a simple guide to reading your tax statement - Sample GMHBA Tax Statement
Frequently Asked Questions
Your tax statement will be available in your member area no later than 10 July 2017. You will receive a notification via email when it has been uploaded even if you are not a current member with GMHBA.
If you haven’t registered your email address with us we will post your tax statement to you.
If you have held health cover this financial year, you will receive a tax statement. The Australian Taxation Office (ATO) requires health funds to send tax statements to each individual adult on a health insurance policy. It is important to note that a dependant is not considered an “adult”. If your family situation has changed within the financial year, each adult that was listed on the membership during the year will receive an individual statement.
If you held private hospital cover (excluding overseas visitor cover) during the financial year we'll also send you a Summary of Cover. The Summary of Cover includes details of any Lifetime Health Cover (LHC) loading and/or days without hospital cover for LHC purposes. The Lifetime Health Cover (LHC) loading is only applicable to Australian citizens and residents with hospital cover.
Dependent children do not get their own statement because they cannot claim the rebate. As a dependent child, you may need to complete the private health insurance policy detail section of your tax return to ensure you are not charged the Medicare levy surcharge (if your income is above the threshold). Before completing the private health insurance section of your tax return, you will need to obtain a statement from one of the adults covered on the policy.
Your tax statement will only show the payments we received during the last financial year. If you paid for all or most of the premiums for last financial year prior to June 30 2016 this amount will not show on this tax statement.
There are two rows of information on your private health insurance statement because of the way the private health insurance rebate is calculated. On 1 April each year your rebate percentage is adjusted by a rebate adjustment factor.
One row of information on your statement will be for the premiums paid and rebate received before 1 April, and the other row will be for premiums paid and rebate received from 1 April. Each row will have a different Benefit code
Your CAE is based on the age you were on 1 July prior to you first taking out hospital cover. This is used to calculate your LHC loading.
The LHC loading is an Australian Government initiative to encourage people to take out hospital cover earlier in life. For every year that you are aged over 30 and do not have eligible hospital cover, you incur a 2% loading on top of your base premium. If you have hospital cover or have held it at some time in the past financial year, you will receive a statement for your records - even if you don't have a loading. For more information regarding LHC, visit https://www.gmhba.com.au/help/health-insurance/lhc
This is any time that you have not held hospital cover within the financial year. This could be due to joining part way through the year, change of cover or the cancellation of your membership.
You have received an amended tax statement as one of the following changes have been made to your Membership since we issued your previous tax statement.
Refunds - If a refund was made on or after 1 July for premiums received on or prior to 30 June.
Dishonor of premiums - If a dishonor of a receipt was processed on or after 1 July, for a payment that was received initially on or prior to 30 June.
Disbursing a receipt - If a receipt received in the previous financial year is reversed and disbursed (transferred) to another Membership.
Backdated Membership Cancellation - If a cancellation of a policy was processed on or after 1 July, where the cancellation effective date was on or prior to 30 June.
Backdated Person changes - If a person termination or addition was processed on or after 1 July, where the effective date was on or prior to 30 June.
Backdated Plan change where hospital cover was dropped or added - If a plan change involving removal of hospital cover was made on or after 1 July, where the effective date of the change is on or prior to 30 June.
Since 2013, the Australian Taxation Office (ATO) requires health funds to send tax statements to each individual adult on a health insurance policy. A dependant is not considered an “adult”. If your family situation has changed within the financial year, each adult that was listed on the membership will receive an individual statement.
I need more information regarding my statement/s, where is the best place to get it?
For more information regarding your tax statement, we recommend that you:
- contact your tax professional
- call the ATO on 13 28 61 or visit https://www.ato.gov.au/individuals/medicare-levy/private-health-insurance-rebate/your-private-health-insurance-statement/
- For more information on your membership including how much you have claimed this year log into your online member area by visiting the Member Area