A couple of weeks ago we announced changes to the Net Medical Expense Tax Offset that took effect this financial year. (Click here to view this article again).
You may be interested to know that further changes were announced to this tax offset in the recent Federal Budget. The Federal Government will be "phasing out" the Net Medical Expense Tax Offset with the 2015 financial year being the final year that a claim can be made for dental expenses.*
The tax offset is being phased out with only those taxpayers who claim and receive the tax offset in this financial year being eligible to then claim the tax offset again next financial year.
Similarly, only those taxpayers who are eligible to claim and then do claim and receive the tax offset in the 2014 financial year, will be eligible to claim in the 2015 financial year.
To assist you in claiming your tax offset on your dental treatment, please contact our Front Office Coordinators if you would like a financial statement provided for this financial year.
If you currently have treatment booked after 30 June 2013 and would like to bring it forward in order to ensure that you reach your threshold to be eligible to make a claim this financial year and be part of the phase out system, please contact our Front Office Coordinators as soon as possible to reschedule your appointments.
Alternatively, if you have recently discussed treatment with your Dentist or Hygienist and would like to complete your treatment before 30 June 2013 for the same reason, please contact our Front Office Coordinators as soon as possible to schedule your appointments
With all the changes that have taken place to this tax offset recently, appointment times are filling very quickly in the lead up to 30 June 2013. We will always endeavour to accommodate our patients' requests, however, we do recommend calling as soon as possible to secure an appointment before 30 June 2013.
*Please visit the ATO website for further information on the Net Medical Expenses Tax Offset, changes to thresholds and means testing, and the phase out process