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February 2015, Newsletter

 

Tax Tip

 

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.

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