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Surgery - Cost - Tax Offset |
News 27
June 2000
This
site is not meant to replace your Doctor's advice. The advice on this
site is from other wls patients and may not be relevent in your case or
even harmful. |
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20%
Tax Offset on Net Medical Expenses over $1250 Net medical expenses are the medical expenses you have paid less any refunds you got from Medicare or your private health fund. You can claim a tax offset of 20% of your net medical expenses over $1250. The medical expenses must be for you, your spouse & your children. You can claim expenses relating to an illness or operation paid to legally qualified doctors, nurses or chemists and public or private hospitals. Medical expenses that qualify for the tax offset include: - Dentists, orthodontists, etc - Optometrists, including cost of contact lenses and spectacles - Carer's who look after the blind or people confined to wheelchair - Therapeutic treatment - Medical aids - Artificial limbs or eyes and hearing aids - Guide dog - Cosmetic surgery - In vitro fertilisation program Expenses that do not qualify for the tax offset include: - Therapeutic treatment not referred by a doctor - Chemist type items, ie. tablets for pain relief, etc - Inoculations for overseas travel - Non-prescribed vitamins or health foods - Travel or accommodation expenses associated with medical treatment - Contributions to a private health fund - Purchase from a chemist that are not related to illness or operation - Ambulance charges and subscriptions - Funeral expenses There are some further conditions for Nursing Home expenses. How to work out your claim: Step 1 - Add up all your allowable medical expenses. Take away from this total all of the refunds you have received or are entitled to receive. This will give you your net medical expenses. Step 2 - Take $1250 away from your net medical expenses and then divide the remaining amount by 5 (to get 20%). This is your medical expenses tax offset. Step 3 - Write your medical expenses tax offset at X item T7 on your tax return with no cents. Please note that this is correct as at the 2002 tax year and should be checked with an accountant or the tax office.
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