Income Tax Assessment Amendment (Private Health Insurance Statement) Regulation 2013

Select Legislative Instrument No. 84, 2013

I, Quentin Bryce AC CVO, Governor‑General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following regulation under the Income Tax Assessment Act 1997.

Dated   16 May 2013

Quentin Bryce

Governor‑General

By Her Excellency’s Command

David Bradbury

Assistant Treasurer

Contents

1 Name of regulation

2 Commencement

3 Authority

4 Schedule(s)

Schedule 1—Amendments

Income Tax Assessment Regulations 1997

1  Name of regulation

  This regulation is the Income Tax Assessment Amendment (Private Health Insurance Statement) Regulation 2013.

2  Commencement

  This regulation commences on the day after it is registered.

3  Authority

  This regulation is made under the Income Tax Assessment Act 1997.

4  Schedule(s)

  Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

Schedule 1—Amendments

Income Tax Assessment Regulations 1997

1  Division 61

Repeal the Division, substitute:

Division 61—Generally applicable tax offsets

Subdivision 61‑G—Private health insurance offset complementary to Part 2‑2 of the Private Health Insurance Act 2007

61‑220.01  Definitions for Subdivision 61‑G

  In this Subdivision:

complying health insurance policy has the meaning given by the Private Health Insurance Act 2007.

PHIIB (short for Private Health Insurance Incentive Beneficiary) has the meaning given by the Private Health Insurance Act 2007.

private health insurer has the meaning given by the Private Health Insurance Act 2007.

61‑220.02  Private health insurer to provide annual statement to PHIIB

 (1) A private health insurer for a complying health insurance policy must provide to each PHIIB insured under the policy during a financial year, before 15 July of the following financial year, a statement in the approved form about the policy.

Note: For approved form, see section 995‑1 of the Act.

 (2) The statement may include information in relation to the following:

 (a) the complying health insurance policy held by the PHIIB and payments made under the policy;

 (b) the premium, or amounts in respect of the premium, paid during the financial year in relation to the policy;

 (c) any reductions of the premium payable, or an amount payable, during the financial year.