Net Medical Expenses Tax Offset

[chicaenlosarboles]

As it's coming up to the end of the financial year (sort of soonish . . .), for those that don't know (and I didn't until today), you can claim the Net Medical Expenses Tax Offset (http://www.ato.gov.au/individuals/content.asp?doc=/content/19181.htm) on your tax return.

according to the ATO website:

"You can claim a tax offset of 20% – 20 cents in the dollar – of your net medical expenses over $1,500. There is no upper limit on the amount you can claim."

This excludes cosmetic surgery, but as far as I can tell it includes IVF (even for lesbians!). The medical expenses do not have to be medicare eligible for you to claim them as a tax offset.

While it doesn't go anywhere near the costs of ivf (particularly for those of us who are ineligible for medicare), every little bit helps!

I thought I'd post this here because it's something I had never heard of until the lovely lady in medicare told me about it today.

[KatiesMum]

That is correct ....

But remeber -
- it is over financial years, so is a bit confusing when the medicare safety net is calculated over calender years

- it is only out of pocket expenses, after medicare and private health insurance rebates

- you need to keep all your medical receipts

- it includes medical, pharmaceutical (though not over the counter stuff like panadol) and dental

- as far as I am aware it includes physiotherapy and chiropractic as long as they have a provider number

- for anyone having a homebirth, check carefully as it MAY include the cost of your IM

- you have to have taxable income in order for it to be of benefit

[newbris]

That is correct ....

But remeber -
- it is over financial years, so is a bit confusing when the medicare safety net is calculated over calender years

- it is only out of pocket expenses, after medicare and private health insurance rebates

- you need to keep all your medical receipts

- it includes medical, pharmaceutical (though not over the counter stuff like panadol) and dental

- as far as I am aware it includes physiotherapy and chiropractic as long as they have a provider number

- for anyone having a homebirth, check carefully as it MAY include the cost of your IM

- you have to have taxable income in order for it to be of benefit

Just wanted to say that it does include over the counter stuff like panadol as long as:
- you buy it in a chemist not a supermarket.
- you are suffering the illness (eg headache) at the time you buy it.