LATEST ACCOUNTING NEWS
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14k employers, $230m in super: Financial Services Minister defends proposed SG amnesty
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Single Touch Payroll (STP) – now ensure super is paid on time.
Beware of Australian Taxation Office (ATO) impersonation scams
Australia by the Numbers
‘Visible, valued and owned’: ATO outlines super priorities for new year
Introductory Rates & Interest Free Periods
Our Advent calendar for 2019
Tax Office sounds warning on 8 types of super schemes
Don’t forget sharing economy income
Impress your friends with your knowledge!!
Salary sacrificing and the superannuation guarantee
Why so much super “stuff” this year?
Reverse Mortgage?
How the gig economy could create hidden tax issues for contractors and employers
15,000 tip-offs as ATO black economy hotline rings hot
What happens when interest rates hit the floor?
Director Penalty Notices (DPN)
Quarter 4 October - December 2019
Quarter 3 July - September 2019
Quarter 2 April - June 2019
Quarter 1 January - March 2019
Quarter 4 October - December 2018
Quarter 3 July - September 2018
Quarter 2 April - June 2018
Quarter 1 January - March 2018
Quarter 4 October - December 2017
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
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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5th-September-2019
 
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