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Ultimate tax guide
Your hospital cover info now automatically populates on your tax return
To make tax time easier, health funds now send all your health insurance info for tax purposes to the ATO for you. If you do your tax online or through an accountant, your info will be ready for you there. You don’t need to do anything.
We send your tax statements to the ATO for the financial year in the second week of July, so you can get cracking on your tax return then.
What is a financial year in Australia?
The Australian financial year ends on 30 June and starts on 1 July.
Want your tax statement anyway?
Your tax statement will delivered to your secure inbox on our app next month. Simply open the app and head to your secure inbox to get your latest tax statement.
What the tax statement does
This statement shows the total amount you’ve paid for health insurance this financial year (along with any Australian Government Rebate that you’ve received as a reduced premium).
You’ll receive one for each main adult on your membership. Any adult dependants on your membership can use your statement for their tax return.
What info do I need for my tax?
From Peoplecare’s tax statement:
- Health insurer ID
- Membership number
- Your premiums eligible for Australian Government rebate
- Your Australian Government rebate received
- Benefit code
From the ATO:
- Tax claim code (tip: it’s not on any tax statement. Find it here.)
How do I read my tax statement?
Here’s How to read my tax statement on your Peoplecare tax statement.
What does it all mean?
- Health Insurer ID: A code used to identify each private health fund. Peoplecare’s Health Insurer ID is LHM.
- Benefit code: This code is for the rebate. It identifies the age bracket people fall into.
- Your premiums eligible for the Australian Government Rebate: This is how much per person is eligible for the Rebate. The ATO takes your hospital and extras cover rates to get this number.
- Number of days this policy provides an appropriate level of private patient hospital cover: This is how many days of the year you are exempt from the Medicare levy. If your statement reads 365 (or 366 in a leap year), then you don’t have to pay the Medicare levy. Yay!
I want my tax statement now!
Tax statements will be in our app’s secure inbox and sent get to the ATO in the second week of July.
I’m a bit behind with my tax paperwork. Can I get tax statements for previous years?
Absolutely! Jump onto our app’s secure inbox to get your three most recent statements. Any further back than that and you’ll have to give us a buzz and one of our Peoplecarers will be more than happy to email statements to you.
What’s the difference between the rebate and the Medicare levy?
The rebate is a government contribution towards your private hospital & extras cover, whereas the Medicare levy is a tax for people who earn over a certain income who don’t have hospital cover.
I’m freaking out. My statement says I paid $0 in contributions!
If you’ve pre-paid your cover to lock in the previous year’s rates, this year’s numbers will look a bit off. The key figure you’re looking at is Number of days this policy provides an appropriate level of private patient hospital cover. If the number matches the number of days in the year, 366 in a leap year, then you won’t have to pay the Medicare Levy Surcharge.
How do I get my Private Health Insurance Rebate?
For most of our members who choose to claim the rebate as they go, it’s done automatically. Their ongoing payments are reduced by the rebate amount. In any case, your statement will tell you the dollar amount of personal rebate you received.
I didn’t see my LHC Loading Statement. Does that mean I’m done?
You’ll see in Your Annual Cover Summary if you have a Lifetime Health Cover loading and all the details of that. Once again, this will be in the secure inbox on our app.
I missed five days of hospital cover this year. Do I need to pay a full year’s worth of Medicare levy?
No, the levy will be calculated only on the days you missed.