There has been a change to the medical expense rebate for the 2015/16 year. In recent years, taxpayers were eligible if a claim in prior years was made, however this is now redundant. The ATO is phasing out the net medical expense rebate.
For further information detailing the type of medical expenses that would qualify for a claim click here.
The net medical expense rebate operates in two different ATI (Adjusted Taxable Income) threshold tiers.
For the 2015/16 year they are as follows:
Please contact our office and you require more information if you think you may be eligible for this rebate.
Please Note: Many of the comments in this article are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances.
Mark has helped us immensely to understand our financial position, these guys are not just tax agents, they fully understand all aspects of business.
Daniel and his team at Tactica Partners have been taking care of me, my family and my company's accounting needs and I highly recommend him and the team. They've made getting tax done so easy and Daniel is an amazing accountant and extremely thorough and helpful.
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Mark H and Helen have given us wonderful support for our family and business accounting for several years now. When I got my first invoice I grumbled……. not now. We can see the savings and feel the security for ourselves.