Net medical expenses tax offset 2014 changes

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The government has committed to phasing out this offset over a number of years.

A summary of the changes is as follows:

  • For the 2013/2014 financial year, the offset can only be claimed if you claimed the offset in the 2012/2013 financial year.
  • For the 2014/2015 financial year, the offset can only be claimed if you claimed the offset in the 2013/2014 financial year.
  • The 2014/2015 financial year is the final year that the offset can be claimed.

These changes do not apply if the medical expenses relate to disability aids, attendant care, and aged care.

If you wish a more detailed summary please contact us at Billings & Ellis.

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