Private Health Insurance Rebate Statements will be issued again this year to all policy holders to assist in the completion of their 2012 – 2013 tax returns. If you have held cover with us and/or paid a premium during the last financial year you should receive your statement by 15 July 2013. Alternatively, the statements are available for download from online member services.
This year the statement is a little different as it incorporates changes to cater for the income testing of the rebate introduced by the government on 1 July 2012. One of the main changes required by the Australian Taxation Office (ATO) is that a statement must be issued to each adult on a policy showing their share of the premium paid and where applicable their share of any rebate claimed as a premium reduction.
The statement includes all premiums, which have been received and processed by St.LukesHealth up to 30 June 2013. If you have not claimed the Australian Government Rebate on Private Health Insurance as a premium reduction, you may be able to claim an entitlement on your 2012 - 2013 income tax return, subject to the new income test introduced from 1 July 2012.
If you have claimed the rebate as a premium reduction, the ATO will assess your rebate entitlement based on your taxable income when you lodge your 2012-2013 tax return. If you are eligible for a different level of rebate to the level you have claimed as a premium reduction, an adjustment will be made by the ATO when processing your tax return.
For further information on using the statement to complete your 2012-2013 tax return and for a detailed explanation of the information shown on your statement, visit the ATO web site at www.ato.gov.au.
For information on how the rebate changes introduced from 1 July 2012 may affect your individual circumstances, consult your tax advisor or contact the ATO on 13 28 61.