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Net Medical Expenses Tax Offset Phase Out

Mannions Business Services - Wednesday, August 21, 2013

As part of the 2013-14 Budget, the Government announced it will phase out the Net Medical Expenses Tax Offset. For financial years commencing from 1 July 2013, you will only be eligible to claim the tax offset where you claimed it on the 2012-13 Income Tax Return or where the claim is restricted to out-of-pocket medical expenses for disability aids, attendant care, or aged care expenses, which exceed the relevant threshold.

It is an important part of the 2012-13 Income Tax Return preparation to consider your eligibility for the Net Medical Expense Tax Offset. If you do not claim the Offset for that year then you will no longer be eligible to claim it, unless your claim relates to the restricted out-of-pocket medical expenses outlined above.

For additional information on the Net Medical Expenses Tax Offset the 2013 Individual Tax Return Instructions include details of the means testing thresholds and what expenses are eligible to be included in the offset calculation.

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