High Performance Accounting
Call Toll Free: (1300) 233 100 - Email: info@topclassaccounting.com

News & Updates

Net Medical Expenses Offset to be Phased Out

The Net Medical Expenses Tax Offset (NMETO) is to be phased out by 1st July 2019, with transitional arrangements for those currently claiming the offset.

Those who claimed the NMETO during the 2012/13 income year will continue to be eligible for the NMETO for 2013/14 income year if they have eligible out of pocket medical expenses above the relevant thresholds. Similarly, those who claim the NMETO in 2013/14 will continue to be eligible in 2014/15. The offset will apply to all medical expenses.

For all other taxpayers (i.e. those who did not claim the NMETO in 2012-13), the NMETO will be restricted to out-of-pocket medical expenses for disability aids, attendant care, or aged care expenses which exceed the relevant thresholds.

Leave a Reply