Circular No 67

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Circular No 67

Contact Officers:
Trish Cassidy (02) 6285 3134

18 August 1997

PHIAC 2 RETURN AND AMENDED STATEMENT OF REQUIREMENTS FOR REPORTING TO PHIAC

Organisations will be required to submit PHIAC 2 returns on disk for the September 1997 quarter, together with a hard copy of the return signed by the Public Officer. This system is already in place in relation to PHIAC 1 returns, and is expected to expedite end of quarter processing.

Enclosed is a hard copy of the PHIAC 2 return and a disk, incorporating changes to reflect the Private Health Insurance Incentives Scheme amendments from 1 July 1997.

The changes reflect the following:

  • Upon receipt of net contributions from a member, the gross contribution amount should be recorded as income to the organisation, the net amount actually received recorded as a cash receipt, and the amount due in relation to PHIIS, recorded as a receivable.

  • When the organisation actually receives the PHIIS amount from the Health Insurance Commission, the receivable is reversed, and cash receipt recorded.

  • No specific manner of recording discounts in relation to amounts which will not be recoverable from the member or the HIC has been prescribed, however it is expected that contribution income would be adjusted to reflect the true position in the accounts of respective organisations, in order that income for the quarter/year is properly reported to PHIAC in accordance with accrual accounting principles. This is also the case for amounts received from the HIC in relation to suspended members.

A further Statement of Requirements for Reporting to PHIAC as at August 1997 is also enclosed, and is provided on the disk. Should organisations have any enquiries in relation to the manner of reporting, they are invited to contact Mrs Trish Cassidy on (02) 6285 3134.

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PLEASE NOTE : THE PRINTED COPY OF THE NEW PHIAC 2 RETURN AND THE DISK MENTIONED ABOVE ARE NOT ATTACHED HEREIN AS STATED. THESE ITEMS ARE AVAILABLE FROM PHIAC UPON REQUEST.

Attachment

Statement of Reporting Requirements

Profit and Loss Account:

Health Benefits Fund:

Management Expense Schedule:

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