Changes to the Net Medical Expenses tax offset
The Government will introduce a means test for the net medical expenses tax offset (‘NMETO’) from 1 July 2012. For taxpayers with adjusted taxable income above the Medicare levy surcharge thresholds (i.e., $84,000 for singles and $168,000 for couples or families in 2012/13):
- the threshold above which a taxpayer may claim the NMETO will be increased to $5,000 (currently $2,000); and
- the rate of the tax offset will be reduced to 10% (currently 20%) for eligible out of pocket expenses incurred.
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