February 2015, Newsletter
Net Medical Expenses Tax Offset…Last Chance
Have you considered the timing of any non-urgent, big-ticket medical expenses such as dental work? The Net Medical Expenses Tax Offset allows you to claim back some of your out-of-pocket medical expenses you incur for yourself and your dependents during the year.
If you claimed the offset in 2013/2014 (and therefore are still 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!
Perhaps you could consider bringing forward the following expenses to before 1 July, including 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.
If you have any further questions contact the team at Camden Valley Financial Solutions today for further advice.