What you need to know about tax time
Accessing your tax statement
Here’s how we make this time of year a little less taxing for you.
Frank sends your health insurance tax information to the Australian Taxation Office early in July so it is ready to be pre-filled. If you lodge your tax return online or through a registered tax agent, your information will populate automatically.
A copy of your tax statement is available to download in your member area, if you still need one.
Frequently Asked Questions
Health funds are required by the Australian Government to provide your health insurance tax information directly to the ATO to be pre-filled in your tax return when you lodge online or through a registered tax agent, so you likely won't need a copy. Statements have not been sent since the 2019 Australian Government private health insurance reforms.
If you still need one, a copy is available in your member area.
Each adult that was listed on the membership during this financial year can access a statement. Dependants aged 18-25 are not considered to be an adult on a family or single parent policy. If your family situation has changed within the financial year, each adult that was listed on the membership during the year (policyholder and spouse/s) will be able to access an individual statement.
No longer a Frank member?
If you held Frank private health insurance during the relevant financial year and you paid a premium towards this, we’ll still send your private health insurance tax information directly to the ATO so it will be pre-filled when you complete your tax return.
You shouldn’t need a copy to complete your tax return, but if you’d like one and can no longer access the member area, you will need to contact us on 1300 437 265 for support.
At the bottom of your Tax Statement there are three boxes:
- Total payments received for the policy
- Total Australian Government rebate received by the fund
- Total cost of policy.
For some members these figures may not add up. This could be because you have a Lifetime Health Cover (LHC) loading on your policy and the rebate is not applied to the LHC loading portion of your premium. More information is available about LHC if you need it.
There will be two or more rows of information if your rebate entitlement changed throughout the financial year. Each row will have a different benefit code.
On 1 April each year, generally, the rebate percentages are adjusted by the Australian Government. Your rebate entitlement is also based on the age of the oldest person on the policy, and this will change when they turn 65 or 70.Your annual taxable income is used to determine your entitlement for the Australian Government Rebate on private health insurance and whether you need to pay the Medicare Levy Surcharge.
The Australian Government sets the income threshold tiers. These were last adjusted and effective from 1 July 2024.
Rebate percentages (rates) are usually adjusted on 1 April each year.
Find out more about the Australian Government Rebate on private health insurance and Medicare Levy Surcharge.
It's always a good idea to keep us up to date when your income changes to make sure you're claiming the correct rebate tier. You can give us a call to check which tier you currently have registered – this is what will have been reported to the ATO for FY23-24. If you need, you can nominate a new tier.
Keep in mind that any changes you make to your tier will only be reflected from the date the new tier is applied onward.
Find out more about income thresholds and the Australian Government Rebate on private health insurance.
If you currently claim the rebate as a reduction on a premium you will have registered for a certain rebate tier.
If your actual annual income differs to your estimate, you may fall into another tier.
Frank sends your nominated rebate details to the ATO each year with your private health insurance tax statement information.
You may find when you lodge your tax return for the financial year that:
- you have to pay an additional amount if you selected a tier that is lower than your actual one
- you receive an amount back as a tax offset if you have selected a higher tier than you should be in
Note that when you make a change to your registered tier, this will be reflected from the date the new tier is applied, and not retrospectively.
Find out more about the LHC.
Refunds – If a refund was made in this financial year for premiums received in the previous financial year.
Dishonour of premiums – If a dishonour of a receipt was processed this financial year for a payment that was received in the previous financial year.
Disbursing a receipt – If a receipt received in the previous financial year is reversed and transferred to another membership.
Backdated Membership Cancellation – If a cancellation of a policy was processed this financial year, but the cancellation effective date was last financial year.
Backdated person changes – If the effective date for adding or removing a person was last financial year, but it was processed this financial year.
Backdated plan change where hospital cover was dropped or added – If hospital cover was removed this financial year, but the effective date of the change was last financial year.
Find more information about how to complete your tax return if you’re an overseas visitor.
Your Private Health Insurance (Tax) Statement shows:
- Premiums you have paid to Frank during the financial year that are eligible for the Australian Government Rebate
- Amount of rebate that you received during the financial year
- Number of days you held an approved level of Private Hospital cover during the financial year (Label A on your statement). This will help you see if you have to pay an extra Medicare Levy Surcharge
- If you are the policyholder, your statement will include the details of any other adults who were on your policy at any point during the financial year (called ‘other adult beneficiaries’). If you were covered on another policy (a partner, for example), then their details will also be on your statement.
For more information on how to read your private health insurance statement, see this ATO guide: Your private health insurance statement | Australian Taxation Office
For more information about your Tax Statement:
- contact your tax professional
- call the ATO on 13 28 61 or visit the ATO website
Frank member area
Tax Statements are available to download from your member area (if you need a copy).
Update your contact details, view recent communications, submit claims online or check your extras balance.
