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Private Health Insurance Incentives Amendment Bill 1998
Schedule 1 Amendment of the Private Health Insurance Incentives Act 1997

   

1  Subsection 4-3(6)

Repeal the subsection, substitute:

             (6)  An application under this section may be made:

                     (a)  if the application is for registration in respect of a policy for the financial year that began on 1 July 1997—not later than 31 December 1998; or

                     (b)  if the application is for registration in respect of a policy for the financial year that began on 1 July 1998—not later than 31 December 1999.

2  Subsection 5-1(1)

Omit all the words before paragraph (a), substitute:

                   Subject to subsection (1A), the amount of premium that, apart from this section, would be payable under a private health insurance policy in respect of which a person is a participant in the incentives scheme for a financial year (see section 5-2) is to be reduced by the amount (the reduction amount ) worked out under whichever of the following paragraphs is applicable:

3  After subsection 5-1(1)

Insert:

          (1A)  If the person has received a tax offset under Subdivision 61-G of the Income Tax Assessment Act 1997 in respect of the amount of premium:

                     (a)  where the amount of the offset is less than the reduction amount—the reduction amount is to be reduced by the amount of the offset; or

                     (b)  otherwise—the amount of the premium is not to be reduced under subsection (1).

4  At the end of subsection 5-1(2)

Add:

               ; or (e)  the payment on or before 31 December 1998 of a part of a premium that relates to a period after 30 June 1999; or

                      (f)  the payment of a premium that is made after 31 December 1998.

5  After paragraph 8-4(1)(b)

Insert:

             ; and (c)  policies in respect of which:

                              (i)  there was no reduction in premium for the relevant month; or

                             (ii)  the reduction in premium for the relevant month was reduced under subsection 5-1(1A).

6  Schedule 1

Insert:

financial year means the financial year that began on 1 July 1997 or the financial year that began on 1 July 1998.