ATO Tax Health Insurance Question

funnysht on 10/07/2020 - 19:50
Last edited 10/07/2020 - 19:51

Hi

I currently have BUPA combined private health insurance for myself and my wife- both on the same policy. I logged in to view this policy and tax statement and attached shows the doco of tax statement:

https://files.ozbargain.com.au/upload/143535/81191/medicare.…

The ATO question is:

Spouse's share

You can claim your spouse's share if you were both covered by the same policy for the same period. Amounts at 'Your premiums eligible for Australian Government rebate' and 'Your Australian government rebate received' must match. You must agree with your spouse that you will claim their share of the rebate.
Yes or No

Does the attached paint file show only my premiums or is it combined premiums?
Since the policy is for both of us- i did not receive a tax statement for each of us

Is the attached combined share? Or should i click Yes

Thanks

Financial

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Comments

  • elgrande on 10/07/2020 - 19:55
    -3

    Pls provide tax file number.

  • Muzeeb on 10/07/2020 - 20:17

    The top of the statement should have who it is addressed to.

    Does that just have your name or both names?

    • funnysht on 10/07/2020 - 20:18

      just my name- but the policy is in both our names, but i pay for it completely

      • Muzeeb on 10/07/2020 - 20:20

        Then there should be a statement for your partner.

        Log into bupa account and see if both statements are there.

        • funnysht on 10/07/2020 - 20:21

          nope just my statement0,

          and i mean i pay roughy $550 a month for both of us, so $1700 in premiums seems like it is for both of us? (roughly 25%)

          • Muzeeb on 10/07/2020 - 20:29

            @funnysht: $3129x2 =$6258/12 =$521 per month minus government rebate

            • funnysht on 10/07/2020 - 20:48

              @Muzeeb: Isnt the $432 25% tier of $1722, that is the rebate?

              Is Your AustralianGovernmentrebate received the amount already received i.e. meaning that this is the amount my premium has already been reduced by monthly?

              Since my total premiums eligible is 1722+136+618= 2476, and i pay 12x550= 6600 a year for both of us. i assume my wife's premium is 6600-2476= $4124. So means that this part hasn't been included? But is there a point of claiming because my total premium is already reduced (via the aust gov rebate) monthly anyway- so it wont mean i get extra for ATO..My wife does not have income so does not plan to put in a return this year

              • Muzeeb on 10/07/2020 - 20:55

                @funnysht: I am not a tax agent so will abort this thread now. Sorry I couldn't help.

              • trex on 10/07/2020 - 23:17

                @funnysht:

                Isnt the $432 25% tier of $1722, that is the rebate?

                Yes, $432 is the govt rebate given on $1722 under benefit code 30.

                Is Your AustralianGovernmentrebate received the amount already received i.e. meaning that this is the amount my premium has already been reduced by monthly?

                Yes, the premium that you pay has already been reduced by the govt rebate.

                Based on your share, total premium is 1722+136+618 = 2,476 of which govt rebate of 432+40+181 = 653 was given so payment was reduced to 1,823 for your share.

                As mentioned by MS Paint, your wife has a separate insurance statement. Log into BUPA using her username to get it. You will need to include the amounts from her insurance statement in your tax return.

                But is there a point of claiming because my total premium is already reduced (via the aust gov rebate) monthly anyway- so it wont mean i get extra for ATO.

                The rebate tier % is based on the estimated taxable income. When you submit your tax return at the end of the financial year, your actual taxable income will determine if the rebate was given correctly and if not you will need to top it up. Think of it like your PAYG.

  • doubleplatinum on 11/07/2020 - 06:55
    -5

    Wow I know this site is full of miserable tight asses, but going to ozbargain for tax advice has to be one of the most pathetic things ever!

    • funnysht on 11/07/2020 - 08:30

      Perhaps it was Friday night and ATO, accountant and BUPA contacts are all closed for the weekend ;)

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