Wednesday, June 8, 2011

Cosmetic Surgery Is Not Eligible For Medical Tax Deductions

If you spend more than $1,500 of your own money on medical expenses (after any insurance payments or bulk-billed services), you can normally offset 20% of that amount against your tax bill. However, the ATO issued a note this week reminding people that solely cosmetic surgery — such as having your breasts enlarged or your teeth whitened — does not count as a medical expense under that ruling.

The word “solely” is relevant here: a gold filling or braces will likely be eligible, since they are fixing actual problems, not merely changing the appearance of something for its own sake. But if you choose to spend money on breast enlargements, that’s something you’ll have to pay for yourself.


View the original article here

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