It’s tax time!
Got questions? We’ve got answers
In a nutshell
You’ll need your tax statement when you do your 2017 tax return. It includes the share of premiums paid to ahm plus any Australian Government Rebate on private health insurance you received for the 2016/17 financial year. Your tax statement also includes details about the Medicare Levy Surcharge (MLS), which is paid by people who don’t have private hospital insurance for the full financial year and earn above a certain income.
You’ll receive your tax statement by 15 July via your preferred contact method – either post or email. Email will reach you sooner so if you haven’t already, now’s the time to switch from post to email at Member Services. You have until 30 June to make the switch for this year’s tax statement.
From 15 July, you can view and download your tax statement at Member Services – handy if you need a copy down the track!
We’ve created a ‘how to read’ guide to help you understand your tax statement. This guide will also be provided to you by link or enclosed when we send your tax statement.
Please note: If you had cover for some part of the financial year but didn’t make any payments between 1 July 2016 and 30 June 2017, this will be reflected in your statement.
A Standard Information Statement (SIS) is a high-level overview of your cover. It outlines the key features of your cover and the general waiting periods. The SIS will be included as a link if you get your statement by email, or enclosed with hard copy statements.
Every private health insurance policy SIS can also be found at privatehealth.gov.au.
For a comprehensive look at your cover and what’s included, read your SIS in conjunction with your ahm Product Guide(s).
Lifetime Health Cover (LHC) is an Australian Government initiative where a loading is applied to your health insurance premium if you take out hospital cover after 1 July following your 31st birthday. The LHC loading is 2% on the hospital component of your premium for each year you’re over age 30 and don’t have hospital cover.
Find out more about LHC at privatehealth.gov.au.
ahm is required to send a statement to the principal member on the policy outlining the loading(s) that apply to your policy (if any), at least once a year. This is the case even if the loading(s) apply to your partner.
The Medicare Levy Surcharge (MLS) applies to Australian residents who do not have the appropriate level of hospital cover and earn over a certain income each year. The MLS is calculated based on your annual ‘income for Medicare Levy Surcharge purposes’ which includes things like taxable income, exempt foreign employment income, reportable fringe benefits, reportable super contributions and total net investment losses.
Find out more about the MLS at the ATO website.
The Australian Government Rebate (AGR) on private health insurance is a Government contribution to the cost of private health insurance. Australian residents who have private health insurance, qualify for Medicare and earn below a specified income threshold may be entitled to the AGR.
Find out more about the AGR at privatehealth.gov.au.
We’re required to send a tax statement to all eligible adults who have been on a policy during the relevant financial year. This may include former partners but not adult dependants.
What about dependants?
For tax purposes, children over 18 but under 25 aren’t considered an adult on your policy (even though they’re over 18). If your dependant needs to do a tax return and they’re under age 25, they can use a copy of your tax statement.
After 15 July, you can download your tax statement from Member Services.
The personal details on your tax statement reflect the details we have in our system and what we have sent to the ATO.
If you have updated your details and the changes aren’t showing on your tax statement, give us a call. You can use the self-service option to generate a new tax statement that will show your updated details.
After 15 July each year for that year’s statement.
Yes we will. We send the ATO a revised file every three months that shows any changes you’ve made since we sent the last file.