Home purchasing

Treasurer confirms tax deduction for purchase of COVID tests

Treasurer Josh Frydenberg says hip pouch relief could be right around the corner, promising to make COVID testing tax-deductible.

He said a process would be introduced for Australians who have spent money on rapid antigen testing at work to get money back this exercise.

“If an individual uses a covid test for work-related purposes, for example a retail worker goes to get tested before reporting to work, this will be tax deductible for them,” he added. . said Fridenberg.

“We are also ensuring that companies that provide testing to their staff are exempt from employee benefits tax.”

The federal government’s announcement will cover both individuals and businesses, as the treasurer pointed out.

The return amount will be calculated based on their tax rate.

Only rapid antigen tests purchased for work purposes were included, with PCR tests covered by the government as a free service.

A tax deduction cannot be claimed if the person was simply checking for a non-work related cough.

The ATO says Australians will need to carry a copy of their receipt with them, like any other tax deduction. However, in the event of a lost receipt, a simple banking journal can be used.

Get the latest breaking news from SCA newsrooms across Australia. Short, simple and all you need to know.

Download LiSTNR and enjoy a new audio world. All your favorite shows and stations in one library.