We are currently working on your 2015-2016 Tax Statement and will have it ready in myBupa no later than the 15th of July 2016. We know this is important to you and are focusing on having it available sooner. Everyone who is entitled to a Tax Statement will receive a notification once it’s ready.
At the end of each financial year (30 June), all health insurers including Bupa issue Tax Statements for memberships where a payment was made or a person held appropriate cover at some point during the last financial year. To complete your tax return, you’ll need a copy of your Tax Statement – you may have seen a tax time checklist via the ATO website, or your accountant will ask you to bring along a copy of your Tax Statement in order to complete your annual tax return.
A Tax Statement will help you claim any entitlements as part of your annual tax return, such as the Australian Government Rebate on private health insurance ‘The Rebate’.
To help you out, we’ve prepared a simple guide to reading your Tax Statement:
If you held private hospital cover (excluding overseas visitor cover) during the financial year we'll also send you a Summary of Cover. The Summary of Cover includes details of any Lifetime Health Cover (LHC) loading and/or days without hospital cover for LHC purposes. The Lifetime Health Cover (LHC) loading is only applicable to Australian citizens and residents with hospital cover. Find out more about the LHC.
Am I going to receive a Tax Statement?
Not everyone is going to receive a Tax Statement. We will issue Tax Statements to:
All adults on your membership who have held private health cover during the past financial year
If you have paid a premium towards your health cover
If you hold an overseas visitor cover, with Extras included or Reciprocal Health Cover
The following exclusions apply:
Dependant children will not be issued with a Tax Statement
If you are an overseas visitor cover only. Please note, that if your circumstances change and you change your cover, you may get a Tax Statement.
Get all the facts about your Tax Statement here
If you’ve chosen to access your Tax Statements online we’ll email you when they are ready. You can view them by logging in to myBupa and clicking the ‘Inbox’ tab from the menu. If you haven’t yet registered for myBupa, you’ll need to do this before you can access your statements.
If you’ve chosen to receive your Tax Statements by mail, they’ll be posted to you by 15 July. Even if you received your statements in the mail you can still view them in myBupa, including previous years’ Tax Statements.
We’ll store your Tax Statements for up to seven years so you can access them. To get your copy simply log on or register if you haven’t already in myBupa. You can switch to eStatements (to get your Tax Statement online) by changing your membership communication preference to ‘electronic’. You can do this under the ‘how we contact you’ section in myBupa.
Other adult beneficiaries
Refers to other adults insured under your policy on the day the premium or amount was received by Bupa; or the parents of the child/ren insured under the policy provided the parents are married, or de facto at the end of the relevant financial year; otherwise the name of the responsible adult in the case of a child only policy.
Your premiums eligible for Australian Government Rebate
This is the cost of your policy that Bupa has received and doesn’t include any rebates or discounts that you may be entitled to. If there is more than one adult beneficiary on your policy this will be split between each of them.
A zero dollar amount in your statement means you didn’t make a payment in that financial year. Your statement will just show the number of days you were covered.
The Australian Government Rebate on private health insurance is indexed on 1 April each year. This means that if you paid premiums for your policy before or on or after 1 April you may see more than one line of information on your Tax Statement.
Other people may be listed on your statement (including people who have passed away or who are no longer Bupa members)
All adults on your membership at the time of a payment are eligible for a portion of the rebate. We will send a Tax Statement to each adult on your membership (except dependant children) so that they can claim their rebate. Find out more about the Rebate.
Your statement will not show you what level of rebate you’re entitled to. This is because we don’t collect information about your income. The Australian Taxation Office (ATO) or your tax agent should be able to tell you how much you can claim and whether or not you have a tax liability.
In addition to your annual Tax Statement you may also receive an adjusted Tax Statement during the year.
An adjusted Tax Statement will be sent to you when a change is made to your Bupa membership that applies to a previous financial year. If this change affects any of the information required by the Australian Taxation Office (ATO) which is displayed on the Tax Statement, such as the eligible premiums, rebate received or the people covered on your membership (excluding dependants), you will receive an adjusted Tax Statement.
If you receive an adjusted Tax Statement and you have not yet submitted your tax return you simply need to replace your original Tax Statement with the adjusted Tax Statement and use this to complete your tax return. This is because the adjusted Tax Statement shows the most accurate and up to date information.
If you have already submitted your tax return for the 2015-2016 financial year, you can contact the ATO and adjust your tax return at any time.
Where can I find out more?
If you still have questions you can contact us on 134 135, or visit your nearest Bupa centre. Alternatively, you can contact the Australian Taxation Office on 13 28 61, visit their website at ato.gov.au or speak to your tax adviser.