I saw recently someone mention something about the budget changing the amount we'd get back...with something...from June? Does this sound familiar to anyone? Does anyone know more specific info?
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I saw recently someone mention something about the budget changing the amount we'd get back...with something...from June? Does this sound familiar to anyone? Does anyone know more specific info?
Hi JosieJo,
It was Nothing2Lose.... I don't know the ins and outs but I think the amount you get back is reduced/not as much. Sorry, can't help anymore but hopefully N2L will pop in & explain it
From what I have heard:
At the moment you get 20% of everything over $2000 back in your tax return for medical expenses, as of next year you will get 10% of everything over $5000 :(
Oh ffs can they make it any harder???
I just found a few more details-
A means test will be introduced for the net medical expenses tax offset from 1 July 2012.
For people with adjusted taxable income above the Medicare levy surcharge thresholds ($84,000 for singles and $168,000 for couples or families in 2012-13), the threshold above which a taxpayer may claim net medical expenses tax offset will be increased to $5,000 (up from $2,060 currently) and indexed annually and the rate of reimbursement will be reduced to 10% (down from 20%) of eligible out of pocket expenses.
Those with income below the surcharge thresholds will be unaffected.
The pessimist in me says, "yes". :angry::
