Taxpayers with private health insurance should be aware that insurance providers are no longer required to provide statements to their members. Previously they were required to send statements by 15 July each year, however it is now optional to send this information.
Taxpayers lodging their tax returns using a registered tax agent should have their health insurance details ‘pre-filled’ into their return (but they will need to contact their health insurer if they cannot get this information for some reason).
Private health insurance information will be available in the pre-fill report, usually by mid-August. If it is not populated by then, taxpayers may need to request a statement from their health insurer.
It is important to correctly report private health insurance information as the ATO use it to calculate:
- private health insurance rebates taxpayers are entitled to
- the Medicare levy surcharge, if applicable.
To find out more about these changes and how it affects you, please contact your health insurance provider.