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Aaron T.
Aaron T.
Bellamack, NT
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Just got my statement from my income protection which I was on for 5 months they didn't tell me I wasn't getting talked on it until my last payment in June .My question is I wasn't getting super or any allowances during the period and incurred medical cost whilst overseas when I returned to Australia had on going therapy is there anyway I can incorporate these into reducing my tax .I received 50.000 in the 5 months of which 20.000 was a lump sum .?

7 years ago

Responses

Hi Arron,
I'd talk to an accountant to see what you can do. There's this thing called the Net Medical Expense Tax Offset that may allow you to claim some of your medical expenses against your income.
Your local accountant should be able to help you.
Regards
James

Assuming your income protection policy is outside super then any premiums you pay are tax deductible and any payouts you receive are taxable.

The net medical expenses tax offset is being phased out and from 2015–16, claims for this offset are restricted to net eligible expenses for disability aids, attendant care or aged care. I believe this won't apply to you.

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