Net Medical Expenses Tax Offset….Last Chance

If you claimed the Net Medical Expenses Tax Offset in 2013/2014 (and you are therefore eligible to claim in 2014/2015) you may wish to consider bringing forward any impending medical expenses to before 1 July. By doing so, you may be entitled to claim a percentage of those expenses on your 2014/2015 tax return. With some limited exceptions, the offset ceases from 1 July 2015, so this is your last chance. Medical expenses eligible for the tax offset include payments:

·         To dentists, orthodontists or registered dental mechanics

·         To opticians or optometrists for the cost of prescription glasses or contact lenses

·         For therapeutic treatment under the direction of a doctor

·         For medical aids prescribed by a doctor

·         For artificial limbs or eyes and hearing aids

·         For laser eye surgery, and

·         For treatment under an IVF program