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  • Private health insurance statement needed to complete your tax return

    16 June 2014

    Changes to the way the Private Health Insurance (PHI) rebate is calculated means you’ll need to add some extra information from your PHI statement to your tax return.

    “Make sure you wait for your PHI statement from your insurer before doing your tax return this year,” Assistant Commissioner Mike Ingersoll said.

    Rebates are now adjusted annually and applied to premiums paid on or after 1 April 2014.

    “There will be two different rebates for the 2013/14 tax year, one from 1 July to 31 March and one from 1 April to 30 June,” Mr Ingersoll said.

    “They will show up on your PHI statement as separate lines and you will need to enter both in the appropriate section of your 2013/14 tax return.”

    “If this extra information is missing or incorrect, it may affect any tax refund you may be owed.”

    The adjusted rebate takes into account the average increase of premiums and the consumer price index.

    The rebate will also now be calculated after any lifetime health cover (LHC) loading is taken away from the insurance premium. This means that if you have LHC loading, the amount of rebate you are eligible for may be less this year.

    These changes will automatically be applied to your policy by your insurer.

    If you use a registered tax agent to lodge your return, you’ll need to provide them with your statement.

    For more information go to ato.gov.au/privatehealthinsurance or watch our video to help you get the PHI section in e-tax right.

    Last modified: 16 Jun 2014QC 40646