Tax Deductions on Aged Care – Are you eligible to claim?
Did you know you could claim on your aged care expenses?
That’s right. If you have had an Aged Care Assessment Team (ACAT) assessment, are on a Home Care Package or you are eligible for a Home Care Package and currently waiting in the national priority queue to be assigned a Home Care Package and your service provider is a government Approved Provider of home care services (such as Home Instead Brisbane West), you could qualify for a tax deduction on any net medical expenses that relate to either Disability Aids, Attendant Care or Aged Care.
What can I claim?
Recent changes to the Total Net Medical Expenses Tax Offset resulted in the rebate being ‘phased out’, however you can still claim on certain expenditures within the aged care sector. Your net medical expenses are the total amount of medical expenses you have paid throughout the financial year, for either yourself or a dependant, less refunds from private health insurers, Medicare or the National Disability Insurance Scheme. Therefore, if you or a loved one have been assessed by the ACAT and are eligible for in-home aged care or residential aged care, you could claim back some of your expenses.
The total amount you can claim is not a fixed amount. In fact, there is no limit to the amount you can claim. You will receive a percentage determined by individual expenses, your adjusted taxable income and your family status. Talk to your accountant to see if you’re eligible for a home care tax deduction.
Find out more
If you want to know more about Government Subsidised Home Care Packages or how to obtain an Aged Care Assessment contact your local Home Instead office
Talk to your accountant to see if you’re eligible for a home care tax deduction, or contact Home Instead to enquire about our Home Care Packages or how we can support you whilst you are waiting to be assessed for or assigned a Home Care Package.
For more information on aged care tax deductions, please visit the ATO website.