The ATO has advised tax practitioners that changes to the way the private health insurance rebate is calculated means they need to add extra information on their client's tax return.
Specifically, from 1 April 2014, private health insurance rebate percentages were subject to an annual adjustment.
This means there will be two different rebates to enter in clients' returns for each tax year:
- from 1 July to 31 March, and
- from 1 April to 30 June.
These different rebates appear on clients' private health insurance statements as two separate lines. Both must be entered on the tax return.
For more information, go here