Hot Issues
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FBT Reminder – Odometer Reading
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ATO’s debts on hold campaign prompts new IGTO guidance
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A comprehensive collection of small business benchmarks
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The 2025 Financial Year tax & super changes you need to know!
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Underperforming employees: When can you terminate?
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A comprehensive list of guides to industry specific tax deductions.
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‘Renewed concerns’ about economy sees consumer sentiment dip: Westpac
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Oldest Buildings in the World.
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Small businesses may ‘collapse under strain of payday super’, IPA warns
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ATO’s hands tied with scrapping on-hold debts, expert says
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What Drives Your Business Growth and Profits?
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Australian Taxation Office (ATO) shifting to firmer debt collection activity
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Why employee v contractor comes down to fine print
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Sharing economy reporting regime for platform operators
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Countries producing the most solar power by gigawatt hours
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Illegal access nets $637 million
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Accessing superannuation benefits.
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Does your business have a company Power of Attorney?
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Labor tweaks stage 3 tax cuts to make room for ‘middle Australia’
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GrantConnect
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2 in 3 SMEs benefit from instant asset write-off, survey reveals
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Updated guidance on R&D claims
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Do you know how to recover debts?
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Wheat Production by Country
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Types of small business benchmarks
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What is a Commercial Lease?
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ATO warns advisers against suspect R&D tax claims
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The year of workplace law upheaval
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How to Resolve Invoice Payment Disputes
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Raft of revenue tweaks in MYEFO to raise millions
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Vimeo test
Article archive
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Quarter 4 October - December 2014
Quarter 3 of, 2019 archive
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Access to more resources and tools than most websites.
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Tax Return Mistakes
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SMSF advice appetite strong, says ASIC
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Taxpayers confused by Scott Morrison’s $1,080 tax refund
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Common STP set-up mistakes - ATO
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Proposal to hold directors liable for GST set to pierce corporate veil
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September 2019 - vital statistics for Australia
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Tax Commissioner wants to turn black economy to ‘lighter shade of grey’
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Changes to the Private Health Insurance Statement
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Up to 9 in 10 ‘other’ expenses adjusted as ATO reveals dodgy claims
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Downsizer Super Contribution
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Tax payers to receive beefed up tax returns.
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10 top global corporations since 1998
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Catch-up Contributions
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Life Insurance
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Community tip-offs trigger ATO visits
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Australia at a glance
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2019: Tax Time Checklists - Individuals; Company; Trust; Partnership; and Super Funds
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Small business clients need to be ready for STP by 30 September
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Big four firm outlines new financial year checklist for SMSFs
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Alert - Online Share Accommodation
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ATO flashes warning over $7.2bn car expenses claims
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Vital statistics for our great nation.
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3 out of 4 tax dob-ins are about business
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Tax on compensation received for inappropriate advice
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‘Extra care’ crucial in avoiding ATO spotlight this tax time
Changes to the Private Health Insurance Statement

Most taxpayers know that if they do not have adequate private health insurance, that there can be a charge or a surcharge on the tax assessment.

       

 

The taxable income also impacts the government rebate received by the health insurer, which effects the net premium. 

The law has recently changed in regards to the way health insurers give you information about your private health insurance premiums.  Previously, your health insurer was required to send a private insurance statement to each adult covered by the policy by 15 July each year.  It is now optional for them to send you this information.  The health insurer may send the statement by email, email, or a link to an online version.

If you do not receive a statement and your tax agent does not, you will need to contact your health insurer.  We have observed that most insurers have provided a statement this tax year, but no one can predict what will happen next tax year.

The Australian Taxation Office will income test your share of the policy, regardless of who paid the premiums and how many other people are covered on the policy.

A few taxpayers may be interested in the reason for two lines on the statement.  Premium and rebate calculations are based on a year ending 31st March and one line is a code for premiums, before that date and the other code is after that date.

The most significant item is that your policy confirms an adequate level of private health hospital cover throughout the year.  If not, you may be liable for Medicare Levy.

 

 

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