SMSF – ATO finalises its position in relation to event-based reporting
After detailed consultation with the self-managed super fund (SMSF) sector, the ATO announced today that its i
Net medical expenses are your total medical expenses minus refunds from Medicare and private health insurers which you, or someone else, received or are entitled to receive.
The net medical expenses tax offset is being phased out.
To be eligible to claim the offset in your 2015 income tax return, you must have either:
Note: You may not be eligible to receive the medical expenses offset if other tax offsets have reduced your tax payable to zero.
This offset is income tested. If you are eligible for the offset, the percentage of net medical expenses you can claim is determined by your adjusted taxable income (ATI) and family status.
From 2015–16 until 2018–19, you will only be able to claim the offset for disability aids, attendant care or aged care expenses.