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Changes to the Net Medical Expenses Offset in your 2014 ITR

 

The Government has introduced legislation changing eligibility for the net medical expenses tax offset; restricting who can claim and what medical expenses can be claimed.

 

To be eligible to claim this offset you must have either:

 

·         received this offset in your 2012–13 income tax assessment; or

·         paid for medical expenses relating to disability aids, attendant care or aged care

 

If you received this offset in your 2012–13 income tax assessment, there is no change to the types of net medical expenses that you can claim.

 

If you did not receive this offset in your 2012–13 income tax assessment you can only claim net medical expenses relating to disability aids, attendant care or aged care.

 

Net medical expenses are your total medical expenses less refunds from Medicare and private health insurers which you, or someone else, received or are entitled to receive. They do not include contributions to a private health insurer, travel or accommodation expenses associated with medical treatment, or inoculations for overseas travel.

 

This tax offset is income tested. The percentage of net medical expenses you can claim is determined by your adjusted taxable income (ATI) and family status.

 

The thresholds for the net medical expenses tax offset income test are:

                                                            Threshold                  Rebate %

 

Singles below $88,000.00                   $2162.00                     20% of excess over threshold

Singles above $88,000.00                  $5100.00                     10% of excess over threshold

 

Families below $176,000.00*              $2162.00                     20% of excess over threshold

Families above $176,000.00*             $5100.00                     10% of excess over threshold

                                   

*Family income threshold increases by $1500.00 for each dependent child after the first.

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