Tax time is fast approaching

The end of the financial year is nearly here, and with it the stress of gathering documents in order to process our tax return.

Luckily, new rules around the provision of tax statement information from private health insurers were implemented in 2019, meaning that this is one task you don’t have to worry about.

Westfund will continue to supply details directly to the Australian Tax Office to facilitate lodgement of members’ annual tax returns.

Providing this information directly to the Australian Tax Office allows the information to be prefilled, eliminating the need for a formal tax statement. It can also prove to be a more efficient method for those who are looking to complete their tax return as soon as possible as there is no need to wait for the physical document to arrive.

In 2019, we introduced capability in the Member Online Area for members to produce their own tax statement if required. This will again be available for members who require a statement.

We want to make sure that we provide you with as much information as possible to try and make tax time as stress-free as possible.

You can find more information on our dedicated web page. Keep an eye on this page, as well as our main website and Facebook page, for progress updates as we provide the necessary data to the Australian Taxation Office.

There is also plenty of helpful information available online on the Australian Taxation Office’s website.