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Schedule 1 — Lifetime health cover loading
Private Health Insurance Act 2007
1 Before subsection 22-15(2)
Insert:
Private health insurance tiers
2 At the end of section 22-15
Add:
Lifetime health cover loading
(6) For the purposes of applying paragraphs (1)(a), (b) and (c), reduce the amount of the premium, or the amount in respect of a premium, by any part of that amount that is attributable to an increase in the premium in accordance with Division 34.
Part 2 — Consequential amendments
Income Tax Assessment Act 1936
3 After paragraph 264BB(2)(gb)
Insert:
(gc) whether the premium has been increased in accordance with Division 34 of the Private Health Insurance Act 2007 , and if so, the amount of the increase;
Part 3 — Application provision
4 Application provision
The amendment made by item 2 applies in relation to a premium, or an amount in respect of a premium, paid on or after 1 July 2013 under a complying health insurance policy, to the extent that the premium or amount relates to one or more days that are on or after 1 July 2013.