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Private Health Insurance Amendment (Lifetime Health Cover Loading and Other Measures) Bill 2012

Schedule 1 Lifetime health cover loading

Part 1 Main amendments

Private Health Insurance Act 2007

1  Before subsection 22-15(2)


Private health insurance tiers

2  At the end of section 22-15


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)


                    (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.