Understanding your 2018/19 HIF tax statement.
If you paid premiums for your policy before, on, or after 1 April 2019, you may see more than one line of information on your tax statement (see below). Please see below for an example of what the different rows of information represent (based on a 2018/19 tax statement template). Other people may also be listed on your statement. This can include people who are no longer HIF Members, or who have passed away during the 2018/19 financial year. All adults on your membership at the time of a payment are eligible for a portion of the rebate. We'll send a tax statement to each adult on your membership (except dependent children). Current HIF Members can also download previous tax statements from our Online Member Centre.
What do all the different codes mean?
|A||The number of days an appropriate level of private hospital cover was held in the 2018/19 financial year. If the number is less than 365, you may need to pay the Medicare Levy Surcharge (consult your tax agent or the ATO for more information).|
|B||Your health insurer (HIF).|
|C||Your HIF membership number.|
|J||The total cost of your premiums eligible for Australian Government rebate.|
|K||The rebate amount contributed to your premiums by the Government.|
|L||The rebate youre entitled to based on your age (not accounting for means-testing). Benefit codes 30, 35 & 40 apply for any premiums paid between 01/07/18 - 31/03/19 before the rebate was indexed on April 1. Benefit codes 31, 36 & 41 apply for any premiums paid between 01/04/19 - 30/06/19.|
|M2||The Medicare Levy Surcharge is an additional tax for Australians who didn’t hold a domestic private hospital insurance policy for at least 65 days in 2018/19 and earned above $90,000 as a single or $180,000 for couples and families. |
Important please note: The benefit code that appears on your tax statement varies depending on the income tier that is applicable to you.
For further tax information...
Please contact the Australian Taxation Office (ATO) on 13 28 61, visit the ATO website or speak to your tax accountant.
You can also browse our website for more information on the Australian Government Rebate, Lifetime Health Cover age loading or the Medicare Levy Surcharge
Please note that Overseas Visitor Covers and most temporary Australian residents (i.e. on working visas) are not eligible for this rebate.