Medibank Compensation for Delayed Tax Statements

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Medibank Private

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  idonteven on 09/08/2016 - 13:12

  What would be considered as financial hardship due to delayed tax statements? Good on Medibank for the initiative.

  • 

    burningrage on 09/08/2016 - 15:19

    I think since without Tax Statement being ready, it would be unlikely for MyTax to prefill your Tax Return with Health Insurance details which means you cannot submit your Tax Return (you could technically but in terms of compliance, you could not as it would be an incomplete Tax Return)

    If you're getting a big refund, this delays your tax return money and if you would have invested this tax return money into say…. shares and then the shares went up, then you could argue they are liable for your loss. Easier to argue if it's bank term's deposit but kinda harder on shares.

    I am only wondering if say you wanna buy this https://www.ozbargain.com.au/node/260708 with your tax return and then because of the delay, the price then goes up, would that be considered a loss? Lol.

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  spychiatrist on 09/08/2016 - 13:42

  How will they calculate compensation?

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    Adz81 on 09/08/2016 - 14:16

    From the flyer:
    If you are claiming financial hardship or loss because you would usually invest any expected Tax Return,
    please wait until after we send you your tax statement and you receive a tax refund to submit this form.
    (This will make it much easier for us to assess any financial impact on you).

    • 

      Adz81 on 09/08/2016 - 14:18

      Please tell us how the delay in receiving your 2016 tax statement has caused you (or will cause you) financial loss
      or hardship. To help us verify this, please also attach any supporting documents. If you do not provide adequate
      supporting documents, Medibank may be unable to properly consider your claim

      • 

        spychiatrist on 09/08/2016 - 17:22

        Supporting documents - does this include your tax return. Most probably would. Then it will not be worth the claim. Unless you want Medibank to handle your tax return. I believe most people will not avail of this, if this is the case

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        Adz81 on 09/08/2016 - 18:51

        @downero:I read this as an already completed tax return so Medibank could see the amount of $ you were going to invest and then determine the value lost on it… personally, it wasn't an issue for me as my statement arrived 45 minutes before my appointment with my accountant… getting $1k less on my tax return than I expected affected my investment options a lot more than a delayed statement.

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  Aust on 13/08/2016 - 09:20

  I'm in the same boat,
  It's not medibanks fault you arranged a financial transaction or budgeted for one based on a potential return from the ato.
  What if the ato audited you.