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Tax offsets (sometimes referred to as rebates) directly reduce the amount of tax payable on your taxable income. In general, offsets can reduce your tax payable to zero, but on their own they can't get you a refund.
Your entitlement to a private health insurance rebate or tax offset depends on the age of the oldest person covered by your policy and your single or family income depending on your family status. If you have private health insurance:
You can claim your private health insurance rebate as a:
This may result in you receiving a tax offset or a liability, depending on:
The beneficiary tax offset is available if you receive certain Australian Government allowances and payments.
There are two super-related tax offsets for which you may be eligible:
If you have other assessable income you may still need to pay some tax.
If you have no tax payable, the beneficiary tax offset is not available to be used.
To claim the offset, you must declare the payment you receive at the correct item on your tax return.
If you receive income from an Australian super income stream, you may be entitled to a tax offset equal to:
The tax offset amount available to you on your taxed element will be shown on your payment summary.
There is now a limit on the amount of tax offset you're entitled to on your untaxed element. This is generally limited to $10,000 and will not be shown on your payment summary. Use the Defined benefit income cap tool to work out if you're entitled to a taxed offset on your untaxed element.
You're not entitled to a tax offset for the taxed element of any super income stream you receive before you reach your preservation age unless the super income stream is either a:
You're not entitled to a tax offset for the untaxed element of any super income stream you receive before you turn 60 years old unless:
The net medical expenses tax offset is being phased out.
From 2015-16 until 2018-19, claims for this offset are restricted to net eligible expenses for disability aids, attendant care or aged care.
Net expenses are your total eligible medical expenses minus refunds you, or someone else, received from:
If you received a reimbursement amount as part of a compensation payment, you do not have to reduce your eligible medical expenses, unless the amount was received from a government, public authority, society, association or fund.
This offset is income tested. If you are eligible for the offset, the percentage of net medical expenses you can claim is determined by your adjusted taxable income (ATI) and family status.