Tax time

Tax time

 

Ready, set, tax!

Yep, it’s that time of year again. Whether you’re an early bird who gets in the first chance you get or you’ve still got last year’s tax return in your to-do pile, we want you to have everything you need from us so you can tackle tax time in your own time.

We’ll be emailing your Private Health Insurance Statement (which you need for your tax return) from 8 July 2016, so keep an eye on your inbox. It’ll also be available to download from our Online Member Services from that date. 

How to read my tax statement

 

How to download my tax statement

 

Tax time is a really busy time for us, so we’ve put together a list of the things we get asked the most to help answer any questions you might have.

What is a tax statement?

Your Private Health Insurance Statement (AKA Tax Statement) has all the info you need to complete your tax return, including exactly how much you’ve paid for health insurance in the financial year.

Tax Statements are sent to all members (and their partners) in early July each year. We usually get a bunch of questions about them, so we’ve put together this list of the most common questions.

Why do I need a Private Health Insurance Statement?

There are two main reasons you might need a Private Health Insurance Statement for your tax return:

1.    The Australian Government Rebate on Private Health Insurance. The info on the statement helps the ATO work out how much of a rebate you’re entitled to (if any).

If you’re receiving the Government Rebate as reduced membership payments, the ATO will use your tax statement to check whether you’ve received the right amount of rebate. If you’re not currently claiming the rebate, the ATO will use your statement to see if you’re entitled to any.

2.    The Medicare Levy Surcharge (MLS). The ATO will use this statement to make sure you’ve got the right level of hospital cover to avoid the MLS (which is any of our hospital covers!).

What info is in the statement?

Your statement includes the following info for the 2015/16 financial year (1 July 2015 to 30 June 2016):

  • the total amount you’ve paid for health insurance
  • the total amount of Australian Government Rebate you’ve received as reduced membership payments
  • details of all other adults on your membership
  • the total number of days you’ve held the right level of hospital cover to avoid the Medicare Levy Surcharge

Who’ll get a statement?

You (the main member) and any adult partner who was on your cover during the 2015/16 financial year. Your partner (even if they’re not on your membership anymore) will get their own statement showing their share of the membership payments and Government Rebate.

Will my grown-up kids (AKA adult dependants) get a statement?

No they won’t, only the two main members on a membership get individual statements. If your kid needs to provide a Private Health Insurance Statement for their tax return, they can use yours or your partner’s.

When will I get my statement?

They’re sent out as soon as humanly possible, which is usually within the first two weeks of July. Can’t wait? You can download your statement using our Online Member Services from 8 July 2015.

Can I get my statement any earlier?

Your Tax Statement has to include the details of all payments up to and including 30 June, so we can’t start getting them ready until after that date. We know that most people like to get their tax done as soon as possible, so we get them out as quickly as we can after 1 July.

Can I download my statement from your website?

Yep! You can download this year’s statement (after 8 July), as well as past statements using our Online Member Services.

My statement doesn’t show the full amount that I paid for health insurance last year?

There are a few reasons this might happen:

1.     If you have a partner on your membership, the total amount paid and rebate received during the financial year is divided between you. It’s the same even if you have grown-up kids (AKA adult dependants) on your membership as contributions and any rebates claimed during the financial year are only split between adults on the policy

2.     You might have a Lifetime Health Cover (LHC) loading. The Government Rebate isn’t applied to the LHC loading portion of membership payments, and tax statements only show details of the payments that the rebate can be applied to

3.     Timing of direct debit payments. By law, we can only apply a payment to your membership on the date it’s received, not the date that it was requested by Peoplecare

Why does my statement say $0?

Your statement only shows payments received by us between 1 July 2015 and 30 June 2016. If you paid your membership in advance or suspended your membership during this time, it won’t show on your statement.

Your statement will still show the number of days you had hospital cover in that time.

Hopefully this has answered any questions you had about your tax statement. If not, give us a buzz and we’d be happy to talk you through it.