As you may already be aware, as a family or an individual, you may be entitled to a tax rebate on the combined total of your medical expenses. This includes your "out of pocket' dental expenses once they exceed a certain threshold in the financial year.*
In the last two years there have been a number of changes to the tax offset.
In 2013 the then Federal Government announced that it would be phasing out the net medical expenses tax offset. This is in addition to changes announced the previous year where the offset percentage became means tested. No further changes were announced in the 2014 Budget released on Tuesday.
For this financial year, only those individuals or families who received the offset in their 2012-2013 tax return will be eligible for the offset this financial year, if they have eligible out of pocket medical expenses above the threshold amount.
Similarly, those who receive the tax offset in their 2013–14 income tax assessment will continue to be eligible for the offset in 2014-2015. The tax offset will then be discontinued.
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 if you would like to take advantage of this tax offset and complete your treatment before the end of this financial year.
This blog article contains information of a general nature only and does not constitute tax advice. It is important you confirm your eligibility for the tax offset by contacting your accountant or the Australian Tax Office.