We’ll try to make this time of year a little less taxing for you.
Your tax information is sent to the Australian Taxation Office (ATO). After July 5, your details will be pre-filled for you online tax returns or if you see an accountant, they should have your tax information ready before you pay them a visit.
Your Tax Statement will be available to download in your member area no later than 14 July 2018.
Frequently Asked Questions
By 14 July your Tax Statement will be ready to view in your member area. You’ll get an email when it’s ready, even if you are not a current member with Frank.
If you need help understanding your statement check out our sample Tax Statement.
Each adult that was listed on the membership during this financial year will receive a statement, including members that have cancelled their memberships. This doesn’t include dependants over the age of 18.
Dependants don’t get their own statement as they can’t claim the rebate.
If you need a Tax Statement, you will need to get it from one of the adults covered on the policy.
Your Tax Statement will only show the payments Frank received during the last financial year. Anything paid before 30 June 2017 won’t show on this Tax Statement.
a. Because of the change to the rebate that is calculated on 1 April each year, there are two rows of information on your statement. Each row will have a different benefit code, which indicates the level of rebate you are entitled to based on your age.
The LHC loading is a Federal Government initiative to encourage younger people to take out hospital cover. A 2% loading is applied to your base premium for each year you are aged over 30 and don’t have eligible hospital cover. You will receive a LHC statement if you have held hospital cover in the past financial year. Find out more about the LHC.
Your CAE is based on the age you were on 1 July before you first took out hospital cover. This is used to calculate your LHC loading.
This is any time that you haven’t held hospital cover during the financial year. This could be due to joining during the year, change of cover or the cancellation of your membership.
You have received an amended Tax Statement as one of the following changes have been made to your Membership since we issued your previous Tax Statement.
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.
Health funds need to send Tax Statements to each adult that was listed on the membership during the financial year. This includes members that have cancelled their memberships, but doesn’t include dependants over the age of 18.
For more information about your Tax Statement:
- contact your tax professional
- call the ATO on 13 28 61 or visit the ATO website