MEDICAL REBATES – OPTIMAL DENTAL – DR ROMAN LOHYN – COSMETIC AND GENERAL DENTIST – MELBOURNE – VICTORIA
20% Medical Expense Rebates for patients.
Did you know that payments made for dental services or treatment qualifies for the governments 20% Medical Expense Rebate? A rebate is available to any taxpayer whose medical expenses in the year of income exceed $1500.
The rebate amount is currently 20% of the excess over $1500. Payments for dental services or treatment can be added to other general medical expenses that the taxpayer may have increasing their entitlement further.
| Example: |
Taxpayer has net medical expenses of $4000.
Taxpayer is entitled to a rebate of – 20% x ($4000 - $1500) = $ 500 |
Tip: Some patients who have needed major dental treatment in the past have borrowed the required amount and then used the 20% Medical Expense Rebate to offset the borrowing costs. By using this strategy they have been able to effectively structure an Interest Neutral Loan with monthly repayments that suit their budget.
Note: For more information on the 20% Medical Rebate please consult with your accountant or the ATO. The Rebate amount may have changed since this article was produced. For advice regarding loans, please consult your financial advisor or accountant.
MEDICAL REBATES – OPTIMAL DENTAL – DR ROMAN LOHYN – COSMETIC AND GENERAL DENTIST – MELBOURNE – VICTORIA
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