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Filling out Your Tax Return – The Medicare Levy Surcharge and your tax return
Private Health Insurance Policy Details
Page 4 of your tax return will have a green section which you are required to complete.
These details can be found on your private health insurance statement issued from your health fund. Boxes B and C on your tax return correspond to boxes B and C on your health insurance statement.
M1 – Medicare Levy Reduction or Exemption
Only certain tax-payers are eligible to claim a reduction or exemption, please refer to your tax pack for further details.
M2 – Medicare Levy Surcharge
This section is a compulsory field. In section E, you will be asked if you have held health insurance for the full financial year (July 1st to June 30th).
If you held hospital cover for the full period – box A on your health insurance statement will equal 365 – cross YES and in box A – towards the bottom of the page – write 365, then your done! You will not be liable for the surcharge.
If you have not held cover for this full period (if box A on you health insurance statement is less than 365), cross NO and continue to down the page selecting the option which best describes you (YES or NO).
If you selected NO to the section above you may be liable for the Medicare levy surcharge. You will pay Medicare levy surcharge for; 365 less days in box A on you health insurance statement.
If you selected YES you are not liable for Medicare levy surcharge.