The Australian Government announces Rapid Antigen Tests will be made tax deductible for employees who need to take them to attend work and businesses purchasing the tests for employees will also be exempt from the fringe benefits tax.
If you and/or your staff are required to prove you are COVID-free to run your business or attend work, the Australian Government is now allowing you to recoup some of that cost at tax time. A tax deduction is now available to Individuals, and this also means the fringe benefit tax will not be incurred by employers if they provide COVID-19 tests to their employees for testing taken to attend a place of work.
As with most government legislatures, this new deduction isn’t completely straightforward, so here is a handy guide to tax deductions and exemptions for COVID-19 rapid antigen tests:
While DFK Laurence Varnay welcomes this news, there are a few traps to avoid when it comes to eligibility for these deductions and exemptions. If you’d like advice on how to navigate the legislature and successfully claim your RATs, talk to our team today.
Tony Nguyen is a natural-born leader, with a strategic, perceptive and methodical approach to providing effective accounting and tax solutions. Whether they be small, medium or large businesses, Tony supports his clients with services ranging from the highest level tax and business advice, to payroll and bookkeeping, and helping develop business across Australia and beyond.
Tony became a Director of DFK Laurence Varnay in 2017 and is a valuable addition to the team. With his high attention to detail, strong business sense and people-oriented nature, Tony builds trust with clients to become their trusted adviser through all stages of their business and financial journey.
By email, phone, or in-person – our advisors are ready to discuss how we can help take your business to the next level.
Ms Jenny Chu
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