Tax Time Tip (No 3) – Don’t forget your Private Health Insurance Statement
If you have private health insurance (whether it be ambulance cover, basic extras, hospital or top cover) you still need to include your insurance details in your tax return.
If you held cover at ANY time during the year, you will need to include the details in your tax return. The details needed are reported via your funds end of year tax statement. This statement details the days covered & the premiums paid as well as the rebate that you received (via premium reduction).
If you claimed the full premium and your combined family income for rebate purposes is below the $180,000 threshold, then these details are unlikely to have any impact. However, if your income is over the threshold, it is critical that you have this information before finalising your tax return. The problem is that often PHI statements aren’t issued until mid July – so once again it is best NOT to schedule an early July appointment if you fall within the higher category.
Keep in mind:
Your employer is legally obligated to provide this payment summary to you by 14th July each year.
Call us today to schedule your appointment – We can take bookings well in advance so as to ensure you get the day & time that suits you. Saturday & after hours appointments available at no additional charge.