Expenses incurred from the test before the individual engages in work will most likely be covered, says CPA Australia. CPA Australia’s senior manager tax policy, Elinor Kasapidis, said the ATO is likely to take a “common-sense approach” to tax deductions on COVID-19 workplace tests. This would allow employees to claim tax deductions for COVID-19 tests…
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Existing rules already allow claims for rapid antigen tests and other pandemic kit required by employers, says H&R Block. Teachers, medical staff and personal services workers such as hairdressers could claim deductions for masks, hand sanitisers and RATs without the need for legislative changes, said the director of tax communication at H&R Block. Mark Chapman…
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Professional accounting bodies have welcomed the federal government’s move to make COVID-19 testing expenses tax-deductible and FBT exempt. In an address to Australian Industry Group on Monday (7 February), Treasurer Josh Frydenberg confirmed the federal government would look to ensure COVID-19 testing expenses are tax-deductible. “Since the start of 2022, the Government has secured more than 80 million Rapid…
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Business confidence has seen a resurgence across industries in October, as NSW and Victoria reopened and companies returned to pre-pandemic trading. A newly released survey conducted by HSBC found 65% of Australian businesses are optimistic they can generate growth over the next 12 months, in line with international peers. However businesses named supply chain chaos…
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There is no doubt that the construction industry is doing its best to maintain momentum through this period to support economic recovery. However, the building sector, in general, is still experiencing a significant price increase in building materials, particularly when it comes to steel and timber products, due to sourcing and shipping constraints. There are…
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