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summer88

Claiming back via tax return on Rhinoplasty?

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Ok it heading towards that time of the year where you do your tax returns and for those who have already had their surgery its about getting back as much as possible and that will depend on being aware of what you can claim and what you cant. Im trying to sort the paperwork as I was still recovering from surgery. Im feelin much better now.

So what can I claim back?

I had septorhinoplasty with private cover for hospital stay and part of the surgery covered by medicare because of my deviated septum.I also have medicare. As far Im concerned I can claim back the:

-consultation fees and has with each surgery I had.

-prescribed medicine I took after Rhinoplasty?

-rhinoplasty supplies? such as bandages, ice packs, tapes etc?

is there anything else or things that cant be claimed?

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Hiya

Just wanted to clarify for you, the medical "out of pocket" you are eligible to claim is not actually refundable - it's merely a tax OFFSET - which means it offsets or reduces your taxable income by a percentage of what your expenses were.

The percentage of offset you are elegible to claim for, also depends on your income level also.

Net medical expenses tax offset income test

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On 8 May 2012, the government announced in the 2012-13 Budget that it will income test the net medical expenses tax offset from 1*July*2012.

Taxpayers with an adjusted taxable income above $84,000 for singles or $168,000 for a couple or family in 2012-13 will be affected. The family threshold will increase by $1,500 for each dependent child after the first. These taxpayers will only be able to claim a reimbursement of 10% for eligible out of pocket expenses incurred in excess of $5,000 (indexed annually).

Taxpayers with an adjusted taxable income below these thresholds will be unaffected. These taxpayers will continue to be able to claim a reimbursement of 20% for net medical expenses over $2,120 (CPI indexed for 2012-13) when they lodge their tax return.

So, for example, assuming you as a single person earn LESS than $84000 (or as a couple/family earn less than $168000.00) Lets say your grand TOTAL nose job expenses were $10000.00.

Let's also say you got back/claimed $1000.00 from Medicare & $300.00 from your private health insurance.

This means you're "out of pocket" medical expenses are now reduced to $8700.

The ATO says that you have to pay the first $2120, which leaves $6580 out of pocket remaining.

You can then claim an offset of 20%, of this $6580.

So you will have total claimable medical expenses tax offset of $1316.00

Which basically just reduces your taxable income by $1316 - it is NOT a refundable amount to you.

Hope that helps clarify things regarding what's claimable/how its worked out. :)

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Hi I didn't know the threshold has increased to 2120. What my question is can we only claim the stuff that has a Medicare item number. I can't see the tax department wanting to pay for my iimplants and cosmetic theatre time which was 1200. I suppose I can still claim the hospital excess.

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