Tax time

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, opens in a new tab.

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’.

If you’re eligible for Medicare entitlements, hold a complying health insurance policy (CHIP), opens in a new tab, and your household income doesn’t exceed the income thresholds set by the ATO, opens in a new tab, you can apply for the rebate.

The private health insurance rebate is income tested. This means that if your income is higher than the relevant income threshold, you may not be eligible to receive a rebate.

The rebate is available to eligible members on hospital cover and combined cover. Both adults on the membership are entitled to their share of the rebate. If eligibile, 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. If you earn less than $97,000 as a single or less than $194,000 as a couple, you 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.

Australia has Reciprocal Health Care Agreement, opens in a new tabs with 11 countries that covers the cost of medically necessary care when Australians visit certain countries and visitors from these countries visit Australia. 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 CHIPs.

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

Even if your employer pays your contributions you may be entitled to the Australian Government Rebate, depending on your Medicare eligibility and income, opens in a new tab. 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.

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.

The MLS, opens in a new tab is income tested for the financial year and only applies to those earning above $97,000 (singles) or $194,000 (couples/families).

There are three income threshold tiers, with the levy falling between 1 per cent and 1.5 per cent.

If you earn over the ATO’s income thresholds, 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. The surcharge is payable for every day you don't have an appropriate level of private hospital cover within the financial year. The number of days covered by private hospital cover is shown on your Private Health Insurance Tax Statement.

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

Every year by 15 July, GU Health provides the ATO with health policy information for all members on an appropriate level of cover. The information is provided for every adult on the policy, while children are represented within the adult’s information.

This information shows how many days in the year you were covered by private health insurance. If you or your dependents were not covered for a period of time within that year, a tax liability for each day that you did not have cover, known as Medicare Levy Surcharge, opens in a new tab loading, may apply.

The tax information also indicates to the tax department how much rebate you’ve claimed and whether you’ve claimed the appropriate amount for your income. This could result in either a tax liability or a tax credit when you submit your tax return. You can find out more about the Australian Government Rebate on Private Health Insurance at here, opens in a new tab.

All of our resident and non-resident RCHA hospital covers are complying health insurance products (CHIP), which means you can be assured your GU Health hospital cover won’t result in surcharges.