Yep, that’s right!
The Government is taking action to ensure that COVID‑19 tests (including Antigen Tests) are tax deductible for hard‑working Australians. Also exempt from fringe benefit tax for businesses, where they are purchased for work‑related purposes.
To remove any doubt, the Government will introduce legislation to make clear that work‑related COVID‑19 test expenses incurred by individuals will be tax deductible. This applies both when an individual is required to attend the workplace or has the option to work remotely.
By introducing this legislation, the Government will also ensure that fringe benefit tax will not be incurred by employers if they provide COVID‑19 testing to their employees for work‑related purposes.
This change will take effect from the beginning of the 2021‑22 tax year and will be in place permanently.
Of course our Team at GC Accountants are all across the list of deductions, available to you. We’ve got your back, when it comes to maximising your return outcome and ready to take bookings for the calculation of your 2022 tax return, from July!