Your Tax Statement will be available in the online member area from 14 July 2019.
Health funds are no longer required to send Tax Statements directly to members each year.
We will now be sending your tax information directly to the Australian Taxation Office so they already have it when you file your annual tax return.
If you lodge your tax return online with myTax or a registered tax agent, your health insurance tax information should be automatically populated by 20 July.
If your health fund details are not populated by 20 July, or you lodge your tax return on paper, you may need to contact us to request a statement to ensure you have the correct information for your tax return.
It is important to add the correct health insurance information to your tax return as this is used to calculate:
- any private health insurance rebate you are entitled to
- the Medicare levy surcharge, if applicable.
Frequently asked questions
If you have held health cover this financial year, you will be able to access a Tax Statement. The ATO requires health funds to produce Tax Statements for each adult on a health insurance policy. It is important to note that a dependant over 18 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 be able to access an individual statement.
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). To complete the private health insurance section of your tax return, you will need to obtain a statement from one of the adults covered on your policy.
Your Tax Statement will only show the payments we received during the last financial year. If you paid for all, or most, of your premiums prior to 30 June 2019 this amount will not show on this Tax Statement.
At the bottom of your Tax Statement there are three boxes:
- total payments for the policy
- total Australian Government rebate received by the fund
- total cost of policy.
For some members these figures may not add up. This could be because you have Lifetime Health Cover (LHC) loading on your policy and the rebate is not applied to the LHC loading portion of your premium. More information is available about LHC if you need it.
If your product includes access to the AIA Vitality program, the Australian Government Rebate does not apply to all your premium. The rebate can only be applied to the portion of your insurance that is considered a compliant health insurance product as determined by the Private Health Insurance Act 2007.
There are two rows of information because of the way the private health insurance rebate is calculated.
On 1 April each year, your rebate percentage is adjusted by the Australian Government. 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.
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, and pay a loading, you will receive a statement for your records.
More information is available about LHC if you need it.
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.
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.
Your Tax Statement has been amended as one of the following changes have been made to your membership since your previous Tax Statement was issued in the member area.
Refunds – If a refund was made on or after 1 July for premiums received on or prior to 30 June.
Dishonour of premiums – If a dishonour of premium 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.