The ATO has finally confirmed that a tax rebate / offset can be claimed in the 2011/2012 income year for private health insurance premiums that are prepaid by 30 June 2012.
The ATO’s fact sheet confirms that you can make a claim for a private health insurance tax offset in your 2011/2012 tax return for premiums that provide insurance cover for a future income year. The main conditions are:
The premiums are paid by 30 June 2012; and
You have not already claimed the rebate as a premium reduction or from Medicare.
The ATO has also confirmed that a premium payment occurs when the insurer receives the amount. The time of physical receipt of the amount by the insurer is the relevant time, not the date the payment was made to the insurer or when the insurer allocates the amount to the member’s account.