What does health insurance have to do with tax time?
At the end of each financial year, CBHS Corporate Health creates a tax statement, membership summary and private health information statement for each main member and partner* who has held private health insurance cover or paid a premium during the last financial year.
Tax Statement
The tax statement includes details of each adult’s share of the premiums paid to CBHS Corporate Health during the last financial year as well as the amount of Australian Government Private Health Insurance Rebate received.
Membership Summary and Private Health Information Statement
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 private health information statement which provides a summary of your private health insurance cover and lists key features of your policy including certain restrictions.Still have questions?
Check out the list of questions and answers we have put together relating to health insurance at tax time.
Why do I receive these tax statements?
Your tax statement will help you or your tax agent to complete your tax return. If you lodge your tax return using myTax or with a tax agent, your health insurance details should be pre-filled.
Why does my partner now get their own tax statement?
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 for the applicable financial year.
Why are my children not listed on the tax statement?
CBHS Corporate Health is not required to issue tax statements to dependent children because they are not classified as ‘adults’ under the PHI Act 2007. View PHI Act 2007 here.
What if I was on two different memberships?
You will receive two tax statements, each one with information from the different memberships.
What is the 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. 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. For details, please visit the Australian taxation Office website.
How do I 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.
What is CBHS Corporate Health’s Fund ID?
Our Fund ID is 'CBC’.
Where can I get a copy of my tax statement?
You can view your tax statement by logging on to the Member Centre.
Disclaimer: *All adults who are not a dependent child under the Private Health Insurance Act 2007, who are covered by a private health insurance policy and are known as private health insurance incentive beneficiaries (PHIIBs).