The end of financial year means that Phoenix Health Fund is now sending out Tax Statements to Members. This Tax Statement is sent to you so that you are able to complete the Private Health Insurance section of your Tax return for the 2016-2017 Financial Year.

Once you have received your Tax Statement, you may have a few questions about why we are sending this to you, or questions on the information on your statement and how to use it when completing your tax return.

OMS plug v2

What do all the codes on my Tax Statement mean?

The labels on the statement match those on your tax return, so it’s easy to put the information in the right spot. The main parts of the statement are explained below.

– The number of days that an appropriate level of private hospital cover was held in the financial year (if this is less than 365, the Member may need to pay the MLS).

B –Three letter identifier unique to each fund. PWA stands for Phoenix Welfare Association.

C – The membership number.

J – This is each adult’s share of premiums in this financial year that are eligible for the rebate. If there is a LHC loading applied to the policy, the amount of loading paid is not included in this amount. If there is more than one adult on the policy, the amount will be split over the two statements.

K – This is each adult’s share of the rebate paid by Medicare directly to PWA in the current financial year. If there is more than one adult on the policy, the amount will be split over the two statements.

L – The benefit code indicates the (maximum) aged based rebate percentage that applies at the time the payments were received. The code listed is not a percentage and does not indicate what tier you have elected to be on. If you made payments prior to and on or after 1 April, at least two different benefit codes will appear in separate lines on your table.

Benefit codes for premium amounts received prior to 1 April are:

  • 30 (the entitling person is under 65 years)
  • 35 (the entitling person is 65 years or older but under 70 years)
  • 40 (the entitling person is 70 years or older

Benefit codes for premium amounts received on or after 1 April are:

  • 31 (the entitling person is under 65 years)
  • 36 (the entitling person is 65 years or older but under 70 years)
  • 41 (the entitling person is 70 years or older)

Other adult beneficiaries for the policy – Indicates the name of any other adult covered by the policy when the relevant premiums were received.

M2 – The MLS is an additional tax for Australian taxpayers who don’t have an appropriate level of private hospital cover and earn above an income threshold.

tax

Why are you sending me this?

This Tax Statement is sent to you so that you are able to complete the Private Health Insurance section of your Tax return to the Australian Tax Office.

Will my partner on my membership receive a statement too?

Yes.  A Statement will be sent to both you and your partner on your policy.

Can I access my Tax statement online?

Yes!  Log in to your Online Member Services (OMS) and you can download a copy of your statement.  If you have not registered to use OMS as of yet, register to use the OMS by clicking here.

I have more questions about my Tax Statement that aren’t addressed in this guide

As we are not Tax specialists, your Tax agent or the Australian Tax Office will be able to provide you with further information.  You can also seek further advice by reading this information in conjunction with the Individual tax return instructions 2016-2017 (available from the Australian Taxation Office). If you still have tax related questions about your Private Health Insurance Statement, please call the Australian Taxation Office on 13 28 61, or visit www.ato.gov.au/privatehealthinsurance.