The End of Financial Year is Approaching – Don’t miss out on your entitlements

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As you may already be aware, as a family or an individual, you may be entitled to a rebate on the combined total of your medical expenses. This includes medical, dental and optical expenses once they exceed a certain threshold this current financial year.* That is, the portion of the “out of pocket” expenses that you incur after receiving your private health fund insurance rebates (and Medicare rebates where applicable).

As announced in the 2012 Federal Budget, new tax laws have taken effect with this tax offset now means tested. Individuals with an adjusted taxable income above $84,000 for singles and $168,000 for couples can claim a 10% tax offset on eligible out of pocket medical and dental expenses incurred above $5,000.  Individuals and couples under these taxable income thresholds can claim a 20% tax offset on out of pocket medical and dental expenses above $2,120.
To assist you in claiming your rebate on your dental treatment, please contact our Front Office Coordinators if you would like a financial statement provided for this financial year.
Alternatively, if you have recently discussed treatment with your Dentist or Hygienist, or have an outstanding treatment plan and qualify for the tax deduction, please contact our Front Office Coordinators and let them know soon if you would like to take advantage of this tax offset and complete your treatment before the end of this financial year.
This can be a busy time for the practice so we do recommend calling as soon as possible to secure an appointment before 30 June 2013.
*Please visit the ATO Website for more information on tax offsets and the recent changes