Tax time

Why do I need my Private Health Insurance Tax Statement?

You’ll need your tax statement when completing your tax return to:

• Claim the Australian Government Rebate on Private Health Insurance, if your household income entitles you to a rebate in line with income testing thresholds, and you haven’t already claimed it as an up-front reduction in your health insurance contributions.

• Enable the Australian Taxation Office (ATO) to make any adjustments necessary if the amount of rebate you’ve claimed as an up-front reduction doesn’t correspond with the amount of rebate you’re entitled to (which could result in a credit or a liability).

• Apply for an exemption from the Medicare Levy Surcharge (MLS) if you and all your dependants held an appropriate level of hospital cover during the year. All eligible GU Health policyholders and their partners who are covered under one of our Complying Health Insurance Products [CHIP] will receive a tax statement each financial year. Family dependants who are covered on your policy will not be displayed on your tax statement.

How do I get my tax statement information?

You can find a copy of your tax statement for the most recent financial year in Online Member Services. Tax statements are ready to be viewed by mid July.

What’s the Health Fund ID requested in my TaxPack?

If you still prefer to fill out your tax details on a paper form, in your TaxPack you’ll be asked for a Health Fund ID. GU Health’s Health Fund ID is FAI. This ID will be shown on your Private Health Insurance Tax Statement in the column marked ‘B’.

Here is an example of a tax statement

I prepaid my contributions. Will this be shown on my tax statement?

If your membership was paid in advance, prior to 1 July, and no contribution amounts were received in the most recent financial year, the amount on your tax statement will be shown as ‘0’.

Who can apply for the Australian Government Rebate on Private Health Insurance and to receive a tax statement?

If you’re eligible for Medicare entitlements, are a member of a registered Australian private health fund and covered under a Complying Health Insurance Product [CHIP], and your household income doesn’t exceed the income testing threshold set by the Government, you can apply for the rebate.

The rebate is income tested and available on hospital cover, extras cover and combined cover. Both adults on the membership are entitled to their share of the rebate. You can also apply for the rebate if your employer is paying contributions on your behalf.

The figures on your Private Health Insurance Tax Statement are the contributions paid and processed by GU Health between 1 July and 30 June of the most recent financial year (excluding LHC). This may include any additional contributions paid in advance during that period.

If you’re a non-resident covered under one of GU Health’s Reciprocal Health Care Agreement (RHCA) cover options, you will receive a tax statement and are eligible to apply for the Australian Government Rebate on Private Health Insurance through GU Health. GST and the value of the Medical Benefits component of your cover – a non-complying health insurance product (non-CHIP) – are not included in the contribution calculations on your tax statement. This is because the Australian Government Rebate on Private Health Insurance doesn’t apply to the non-CHIP component of your GU Health cover.

The following countries have a Reciprocal Health Care Agreement (RHCA) with Australia: Belgium, Finland, Italy, Malta, The Netherlands, New Zealand, Northern Ireland, Norway, Republic of Ireland, Slovenia, Sweden and the United Kingdom. All other countries are considered non-RHCA countries. Members covered under GU Health’s non-RHCA covers (including members who may be from RHCA countries but are covered under non-RHCA plans), will not receive tax statements and are not eligible to apply for the Australian Government Rebate through GU Health, as non-RHCA products are not Complying Health Insurance Products (non-CHIP).

You may be eligible to apply for the Australian Government Rebate on private health insurance as a reduced membership contribution by completing an Australian Government Rebate form.

What if my employer pays for my health insurance?

Even if your employer pays your contributions you may be entitled to the Australian Government Rebate, depending on your Medicare eligibility and income. It’s important to note, however, that you may have already claimed the rebate as an up-front reduction in your contribution amount. Your Private Health Insurance Tax Statement will indicate your share of the rebate claimed. The ATO will determine whether the amount claimed is too little or too much, depending on your age and income as part of your tax assessment.

Why do the member contributions deducted from my pay differ from the amount shown on my Private Health Insurance Tax Statement?

The figures shown on your Private Health Insurance Tax Statement will take into account only those contributions received and processed by GU Health between 1 July and 30 June of the most recent financial year. Any recent contributions deducted from your salary, and those which weren’t received and processed prior to 30 June, won’t be shown.

How can I be exempt from paying the additional Medicare Levy Surcharge (MLS)?

To apply for MLS exemption, you need to be covered by an appropriate level of private hospital cover with a registered Australian health fund under a CHIP (Complying Health Insurance Product). You also need to ensure your plan covers you and all your dependants.

Please note that the MLS is applied on a pro-rata basis. If you and all your dependants were not covered by an appropriate hospital cover for 365 days between 1 July and 30 June of the most recent financial year, you will only pay the additional levy for that period. The number of days covered by private hospital cover is shown on your Private Health Insurance Tax Statement.

Please keep in mind that for the financial year, the MLS is income tested and applies to those earning above $90,000 (singles) or $180,000 (couple/family). There are three income threshold tiers, with the levy falling between 1 per cent and 1.5 per cent.

The family income threshold increases by $1,500 for each dependent child after the first.

Medicare Levy Surcharge (MLS) thresholds effective 1 April 2021 Medicare Levy Surcharge

Note: Single parents and couples (including de facto couples) are subject to the family tiers. For families with children, the thresholds are increased by $1,500 for each child after the first.

We’re here to help

For assistance or for more information contact our Member Relations Team by email: [email protected] or call 1800 249 966 between 8.30am to 5pm (AEST), Monday to Friday.

More Information

Visit the ATO website to find out more information on:

  • Th Australian Government Rebate
  • Medicare Levy Surcharge
  • Private Health Insurance Statements

Any additional questions you may have about tax can be answered by accessing the resources available through the ATO.