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01 Aug 13 More on the $1 private health insurance rebate discrepancy

MEMBER 166 writes, in response to Member 159's comment about the $1 tax offset discrepancy for taxpayers with private health insurance with HCF - see 2013 TAXVINE No 28 (26 July 2013):

 

"In response to Member 159, I too am having the same problem. But the ATO are not deducting the $1 debit when assessing such returns and consequently all estimates of refundable tax are out by $1. Makes us tax agents look pretty silly."

 

THE TAX INSTITUTE’S TAX COUNSEL, STEPHANIE CAREDES, COMMENTS:

“The ATO is applying rounding rules so that amounts equal to 99 cents or less will be rounded down to nil. Amounts greater than $1 are not rounded. It is possible that not all software providers have been able to make changes to their software to accommodate the ATO’s rounding rules so a small discrepancy is showing in the calculations made by some software packages.”