If, in the 2014 financial year, you made out-of-pocket medical expenses for you and your dependents – you would be pleased to know that you can claim these expenses as tax offset on your tax returns Exmouth. When determining the out-of-pocket medical expenses you are eligible to claim, first make sure that you do not include the amounts that have been reimbursed to you.

The Phase Out Of Net Medical Expenses Tax Offset
Before you go ahead and claim the out-of-pocket medical expenses when you lodge your tax return online or offline – you should know that in the 2013-2014 financial year, the Net Medical Expenses Tax Offset is going to be phased out.

However, if you received this tax offset in your 2012-2013 income tax assessment – you will still be eligible to claim the tax offset for this 2013-2014 tax year. That is, if your out-of-pocket medical expenses is above the relevant claim threshold.

You will continue to receive the tax offset in the 2014-2015 financial year if you received it in your 2013-2014 income tax assessment, as well. It might be good to consult your financial and tax affairs with tax accountants – to ensure that you are on the right track.

If your out-of-pocket medical expenses are related to aged care, attendant care, or disability aid expenses – the changes on the tax offset will not be applied on your tax returns Exmouth. Instead, you would still be able to claim it until 1 July 2019.

Net Medical Expenses Tax Offset And Income Testing
If you are single and you have over $84,000 adjusted taxable income, or if you are a couple or a family with above $168,000 adjusted taxable income – you will be affected by the changes when you lodge your tax return online or offline.

For families, there will be an $1,500 increase on the threshold for each dependent child after the first. For the out-of-pocket medical expenses in excess of $5,000 – you can claim a 10% reimbursement. If your adjusted taxable income are below these thresholds, you can claim 20% reimbursement for over $2,120 net medical expenses when you lodge your tax returns Exmouth.

To make your life easier, you might want to consider using the professional services of tax accountants. Whether you are looking to lodge your tax return online or offline, having the assistance of a tax accountant can give you the peace of mind knowing that your tax return is lodged accurately, complete, and on time.

What’s more is that you take advantage of legitimate strategies that can help you get maximised tax refund and minimised tax bill. Contact tax accountants in your local area so you can let them do all the work on your behalf.