CBHS Health Insurance at Tax Time

At the end of each financial year, CBHS creates a tax statement and a membership summary for each main member and partner who has held private health insurance cover or paid a premium during the last financial year.

The tax statement will include details of each main members/partner’s share of the premiums paid to CBHS during the last financial year as well as the amount of Australian Government Private Health Insurance Rebate received. Your tax statement will assist you or your tax agent to complete your tax return.

The membership summary includes details of any Lifetime Health Cover (LHC) loading and/or days without hospital cover for LHC purposes.

You will also receive a Standard Information Statement which provides a summary of your private health insurance cover and lists key features of your policy including certain restrictions. It is a legal requirement that we send a Standard Information Statement to you once a year.

Tax statements, membership summary and Standard Information Statements will be available online by 14 July 2017. If you haven’t already registered for the online Member Centre or to retrieve your password, please visit www.cbhs.com.au/Log-In.

* All adults who are not a dependent child under the Private Health Insurance Act 2007, who are covered by a private health insurance policy are known as private health insurance incentive beneficiaries (PHIIBs).


Questions?

Please see below a list of answers to common questions relating to health insurance at tax time.

What does my tax statement show?

Your tax statement shows:

  • Your share (for taxation purposes) of the total health insurance premiums you paid to CBHS between 1 July 2016 and 30 June 2017 that are eligible for the Australian Government rebate on Private Health Insurance;member
  • The amount (if any) of Australian Government rebate you received; and
  • The number of days you held an appropriate level of private patient hospital cover (if this is less than 365, you may need to pay the Medicare Levy Surcharge).

Why do I receive these tax statements?

Your tax statement will help you or your tax agent to complete your tax return. It is a legal requirement that all health funds send tax statements to all main members and partners who were covered by CBHS during the last financial year.

Who receives a tax statement?

Statements are sent to the main member and partner (if applicable) on your membership who has held private health insurance cover or paid a premium during the last financial year. If you have removed a partner or spouse throughout the financial year, they will receive their own tax statement. If CBHS does not have an address for them, it will be given to you to forward to them.

Why does my partner now get their own tax statement?

CBHS tax statements comply with the Australian Taxation Office (ATO) requirements. Due to a change in legislation we are now required to provide a tax statement to each main member and partner that was covered by a policy between 1 July 2016 and 30 June 2017.

How do you work out how much each main member and partner paid on their tax statement?

To work out the amount of premiums each person paid on their tax statement, each payment is split in half based on who was covered on the policy at the time the premium was received.

Example 1:

Sarah and Matt pay their membership contribution of $100 each fortnight for 12 months. At the end of the year they have paid a combined amount of $2600. They will each receive a tax statement showing an amount of $1300.

Example 2:

Natalie and Luke were on a membership together from 1 July to 31 December 2016. On 1 January 2017 Natalie removed Luke and added new partner Nathan onto her membership. The contributions were $250 per month. In total the membership had paid $3000 in contributions.

The Tax statement will split the contributions 50/50 based on the amount of money that was received whilst each partner was on the membership.

Natalie will receive one with $1500, Luke with $750 and Nathan with $750.

Why are my children not listed on the tax statement?

We are not required to issue tax statements to dependent children because they are not classified as “adults” under the PHI Act 2007.

What if I was on two different memberships?

You will receive two tax statements, each one with information from the different memberships.

What if there are payments missing from my tax statement?

The figures on your tax statement take into account health insurance premiums received by CBHS during the period 1 July 2017 to 30 June 2017.

Please note: Payments made up to midnight on 30 June 2016 will be included on your 2016-17 tax statement.

When will I receive my tax statements?

Your tax statement will be available by 14 July 2017. If you elected to access your tax statements electronically, you will be advised via email when your statements are available online.

If you receive your correspondence via mail, we will have your tax statement sent out to you by 14 July 2017.

Where can I get a copy of my tax statements?

You can view your tax statement by logging on to the Member Centre

If you receive your correspondence via mail, we will have your tax statement sent out to you by 14 July 2017.

What is CBHS' Health Fund ID?

CBHS' Health Fund ID is 'CBH'.

Where can I get a financial year claims history?

You are able to print a financial year claims history from our Member Centre, or you can email CBHS at help@cbhs.com.au, or call us on 1300 654 123. It will also be uploaded to your correspondence history.

Where can I find out more information about tax statements and the Australian Government Rebate on Private Health Insurance?

If we have not answered all your queries about tax statements, please call us on 1300 654 123. If you have any questions about the Australian Government Rebate on private health insurance or your tax return, contact the Australian Taxation Office on 13 28 61 or visit ato.gov.au

What is a Medicare Levy and Medicare Levy Surcharge?

The Medicare Levy is a 2.0% levy payable on your taxable income which partly funds Medicare to provide a health care safety net for all Australians. There are various exemptions for those on lower incomes. For details, please visit the Australian Taxation Office Medicare Levy Website.

The Medicare Levy Surcharge is designed to reduce the demand on the public Medicare system. The surcharge is levied on those individuals or families who were not covered by private health insurance for the whole year and have taxable incomes over the threshold in a given year. The base taxable income thresholds for the levy for 2016-17 is  $90,000 per annum for singles and $180,000 per annum for couples, single parent families or families with one child. The income thresholds increase by $1,500 for each additional child after the first. The surcharge levy is applied at a tiered rate between 1% and 1.5%. For details, please visit the Australian Tax Office Medicare Levy Surcharge website.

More Information

CBHS is committed to providing exceptional member care. If you have any questions about any of our products, please feel free to contact us by calling our team on 1300 654 123, or by sending an email to help@cbhs.com.au.