Medical/Dental Expenses Tax Offset
Medical/Dental Expenses Tax Offset
When it comes down to what it will cost YOU to have your dental treatment, many people are unaware of the net medical expenses offset. Basically, this is a taxation rebate/offset is for any out of pocket expenses incurred in the financial year for medical expenses exceeding $1500.
Medical expenses are payments to legally qualified doctors, nurses, chemists and public or private hospitals. Payments to dentists, orthodontists or registered dental mechanics qualify for the medical expenses tax offset. Therefore, this also includes any cosmetic dental procedures!
This means, for any out of pocket expenses on your dental treatment, the amount exceeding the threshold ($1500), you will receive a 20% rebate on your next tax bill. Thus, you are really paying 20% less for your dental treatment of the amount exceeding the threshold. This also includes expenses incurred by your spouse and any dependants.
This article is meant to convey general information regarding the net medical/dental expenses offset. Individual circumstances may vary, and taxation laws may change. We suggest you consult a qualified accountant in order to determine what extent a medical rebate will apply to your situation.
