Posts Tagged medical
Net Medical Expenses tax offset
Posted by bunny in Federal Budget, Individual, Tax Rate on May 19, 2012
The high income earners are facing the increased premium to the private health insurance now they will face a lower tax offset available to them under the net medical expenses.
For the 2011 year, the tax offset is 20% of the net medical expenses in excess of $2000
For the 2012 year, the tax offset is 20% of the net medical expenses in excess of $2060
Effective from 1 July 2012, the tax offset will be different for those whose adjusted income is above the Medicare Levy Surcharge threshold ($84,000 for singles and $168,000 for families for 2012-2013 year) and below.
For those above the threshold, the tax offset will be 10% of the $5000. People below the threshold will be unaffected.