Information on the Scheme
The MBF Board early this year recommended a $2.41 billion proposal from Bupa Australia to combine the businesses of the MBF Group and Bupa Australia Group (the "Scheme").
On May 12 2008, Participating Contributors voted overwhelmingly to approve the Scheme at the Scheme Meeting. For more information about the results of the Scheme Meeting click here.
On May 14 2008, the Federal Court of Australia made orders approving the Scheme.
MBF converts to a company limited by shares
On 15 June 2008, MBF converted to a company limited by shares.
Implementation Date of the Scheme
On 16 June 2008, the Scheme was implemented. Entitlements will be sent to Participating Contributors on 30 June 2008 and should be received by 7 July 2008.
PHIAC approval of MBF's conversion to for-profit
On 9 May 2008, the Private Health Insurance Administration Council (PHIAC) advised MBF that it had approved MBF's application to convert to being registered as a for-profit private health insurer. Assuming the other conditions precedent to the Scheme are satisfied, including the receipt of necessary approvals from Participating Contributors and the Federal Court, the conversion to for-profit will take effect on the business day after the Implementation Date. As the Implementation Date of the Scheme is 16 June 2008 the date of effect of the conversion of MBF to a for-profit private health insurer is 17 June 2008.
Update on Tax
MBF has been working with the ATO to provide you with information about the correct tax treatment for your Entitlement.
If you are an Australian resident:
The ATO has agreed to allow you to lodge your 2007/2008 tax return without including any capital gain arising from your Entitlement. The ATO and MBF will let you know what amount (if any) to include in your tax return and how to do this at a later time. You should not wait for this information to complete your 2007/2008 tax return. The ATO has also stated that no penalty will be imposed on your amended assessment (if you end up needing to do one) and any interest payable up to the due date of your amended assessment will also be reduced to nil.
The ATO has provided information on its website and you can access this information by clicking here.
If you are not an Australian resident you will need to seek your own tax advice or contact the Tax office directly to understand your individual position.
Key Documents
- Chairman's letter [PDF, 55k]
- Information Memorandum [PDF, 3,843k]
- Long form version of the Independent Expert Report [PDF, 639k]
- Trust Deed [PDF, 188k]
- Funding Agreement [PDF, 194k]
- Implementation Deed [PDF, 3,252k]
- MBF Consolidated Full Financial Report 30 June 2007 [PDF, 1,354k]
- MBF Consolidated Special Purpose Half Year Financial Report 31 December 2007 [PDF, 927k]
- MBF Constitution [PDF, 233k]
Review Request Forms
- Instructions for completing the Review Request Form [PDF, 39k]
- Review Request Form [PDF, 89k]
About Bupa Australia
Bupa Australia Health is the second largest private health insurer in Victoria and the largest in South Australia. Bupa Australia Health’s brands HBA and Mutual Community cover more than one million Australians and its health fund can be traced back for more than 70 years.
Bupa Australia Health is part of the Bupa Group, a global health and care organisation. The ultimate holding company of the Bupa Group has no shareholders and it is therefore able to reinvest its profits back into its businesses for the benefit of customers.
