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Tax Time

Tax Time 2021

Your private health insurance statement will be sent directly to the Australian Taxation Office (ATO).

Why Hospital Cover is good for your health and your wealth

Having health insurance can make a big difference to how deep you have to dig into your pockets when it comes time to pay the taxman.

If you have Private Hospital Cover it is important to let your tax consultant know. This is why we have a Tax Statement for you. Anyone earning over $90,000 a year as a single or $180,000 as a couple or family will need to pay the Medicare Levy Surcharge. What is it? It’s an additional tax you will be charged once you earn over a certain amount if you don’t have private hospital cover. That's why it is good to maintain your private hospital cover. Click here to learn more about the Medicare Levy Surcharge.

Where to find your Tax Statement?

When your Tax Statement is ready, we will send your tax statement directly to the Australian Taxation Office (ATO). You will be able to find a copy in the myTax portal or your registered tax agent.

If you want a copy for your records, you can:

  • access a copy in our online Member Portal.
  • Phone our Member Services Team, after the 8 July 2021, and select the Tax Hotline 1300 886 123.

Your Tax Statement will be ready after the 8 July 2021.

Information contained in your Tax Statement

Your Tax Statement includes key information such as:

  • all the premiums you paid in the 2020–21 financial year
  • any Australian Government rebates on provate health insurance you received
  • all the people who are covered by your policy
  • Lifetime Health Cover loading information
  • the number of days you had the right private hospital cover, because if it is less than a year, you may be charged some of the Medicare Surcharge Levy).

Are your contact details up to date?

We send out tax forms in early July of each year so please ensure that we always have your correct postal address on file for you.

Log into your Member Services online to update your contact details. Alternatively, give us a call on 1300 886 123 and one of our friendly team members can update them for you. 

For information on how to complete the parts of your tax return that relate to health insurance, please visit the ATO website.

Why should I consider taking out Hospital Cover?

Peace of Mind

Nobody has a crystal ball. Be prepared for whatever happens.

Avoid Waitlist

Receive elective medical treatment sooner rather than later.

Freedom to Choose

Choose the doctor or surgeon who treats you in hospital.

Avoid Financial Penalties

Avoid paying the MLS and LHC if you have Hospital cover.