Understanding your 2023/24 HIF tax statement.
Will I receive a tax statement for the 2023/2024 financial year?
Your HIF tax statement information is sent directly to the Australian Taxation Office and will be automatically available in the ATO myGov portal from late July – which is good news for you and the environment. If you wish to lodge your tax statement prior to this, you will need to manually enter your private health information after downloading it from our Online Member Centre from 3 July 2024.
Can I still get a copy of my tax statement?
Yes you sure can. It’s super easy to access your 2023/24 member tax statement by simply downloading it from our Online Member Centre from 3 July 2024. For more information about your HIF tax statement or for any statements produced prior to the 2021-2022 financial year, please contact us to request copies.
Why are other people listed on my tax statement?
Other people may also be listed on your statement if you held a couple or family policy this year. This can include people who are no longer HIF members, or who have passed away during this financial year.
What do all the different codes mean?
If you paid premiums for your policy before, on, or after 1 April or if the oldest person on the policy turned 65 or 70 during the financial year, you may see more than one line of information on your tax statement. Please see below an example of what the different rows of information represent (based on a 2023-24 tax statement template).
| A | The number of days an appropriate level of private hospital cover was held in the 2023/24 financial year. If the number is less than 365 days (or 366 days in a leap year), you may need to pay the Medicare Levy Surcharge (consult your tax agent or the ATO for more information). |
| B | Your health insurer (HIF). |
| C | Your HIF membership number. |
| J | The total cost of your premiums eligible for Australian Government rebate. |
| K | The Australian Government Rebate on Private Health Insurance amount contributed to your premiums by the Government. |
| L | The Australian Government Rebate on Private Health Insurance you're entitled to, based on your age (not accounting for means-testing). Benefit codes 30, 35 & 40 apply for any premiums paid between 01/07/23 - 31/03/24 before the rebate was indexed on April 1. Benefit codes 31, 36 & 41 apply for any premiums paid between 01/04/24 - 30/06/24. |
| M2 | The Medicare Levy Surcharge is an additional tax for Australians who didn’t hold a domestic private hospital insurance policy for at least 366 days in 2023/24 and earned above $93,000 as a single or $186,000 for couples and families. |
Important please note:
- The benefit code that appears on your tax statement varies depending on the income tier that is applicable to you.
- From 1 July 2024, the income thresholds used to calculate the Australian Government rebate on private health insurance and the Medicare Levy Surcharge are changing, please visit our news article for more information.
- Your tax statement will be available in the Online Member Centre from 3 July 2024.
- If you haven't received your tax statement by 29 July 2024 but believe you should have, or you have a query regarding your statement, please call us on 1300 134 060 or email hello@hif.com.au.
- If you're an Overseas Visitor holding a Working Visa Hospital Cover you will not receive a tax statement, as you're not entitled to claim an Australian Government Rebate on Private Health Insurance on this level of cover. If you're an Overseas Visitor from a reciprocal country which has a health care agreement with Australia, you may be entitled to receive an Australian Government Rebate on Private Health Insurance rebate on the Extras component of your cover. The following countries have a reciprocal health care agreement with Australia: New Zealand, the United Kingdom, the Republic of Ireland, Sweden, the Netherlands, Finland, Italy, Belgium, Malta, Slovenia and Norway. We recommend you contact your tax adviser or the Australian Taxation Office to discuss this.
- For any statements produced prior to 2021, please contact us to request copies.
For further tax information: