C.05a Compliance - Data Verification (Fact Find)

Data Verification from Personal Tax Returns

The are many ways to verify a clients data using software and other documents. Below are some hints

Private Health Insurance - via personal Tax Return Section M1 & M2 of a clients tax return shows if the client claimed Health Insurance Rebates

The private health insurance policy data will show how much the individual will paid per month. In the example below the Male Applicant would have paid a premium of $220pm. The "C" Tax claim code indicates a Couple and therefore the likely the Female Applicant paid the same. In this case the Premium paid by the couple was $440 pm

*note this is historical and likely the current premium is slightly higher.

The Private Health Insurance Rebate is a government scheme for: Singles with a taxable income of $151,000 or less Couples/Family with a combined taxable income of $302,000 or less

Dependent Children - via personal Tax Return Check M1 of the Medicare levy for dependent kids

Investment Property Data - via personal Tax Returns Usually located on the last few pages of the Tax return will be a breakdown of the clients Investment Costs.

It has a lot of information that can help you verify historical data:

• Address of the Property

• Ownership %

• Rental Income

• Body Corp Costs

• Running Costs

• Fact Find Interview This document is a tool to use during an interview. It includes entered data and blank spaces that can be filled in via pen during the interview process. We recommend printing out this document to take to an interview. Data that is incorrect or needs updating can be edited by pen. The blank spaces make it possible to update date. Once the interview is completed the data can be updated into Vow Net.