DENTAL Tax deductions

MEDICARE NET MEDICAL EXPENSES OFFSET

Many people are unaware of a tax rebate that you may be able to claim towards the total cost of your dental treatment in a single financial year.

This is a taxation rebate/offset and is for any out of pocket expenses incurred in the financial year for medical/dental/optical expenses exceeding $1500. It is called the "Net medical expenses tax offset" whereby "Net medical expenses "are the medical expenses you have paid less any refunds you got, or could get, from Medicare or a private health fund.

You can claim a tax offset of 20% – 20 cents in the dollar – of your net medical expenses over $1,500 and there is no upper limit on the amount you can claim.More information can be found at this link: ATO website

Please note that as this information is provided as general information,it does NOT constitute accounting or financial advice and you should consult a qualified accountant in order to determine what extent a medical rebate will apply to your situation.