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Australia to provide tax breaks for Covid test costs

Frydenberg did not provide a cost estimate for the scheme but warned that the government's economic support measures must end.

Canberra, Australian Treasurer Josh Frydenberg said on Monday that the government will provide tax breaks for businesses and individuals who need Covid-19 tests.

“Today I’m announcing that we will ensure that COVID-19 testing expenses are tax-deductible for testing taken to attend a place of work, giving businesses and individuals more clarity and assurance,” he said in a speech to the Australian Industry (AI) Group.

“Covid-19 tests are an important tool being used by businesses to protect their workforce and to ensure they can keep their doors open and our supply chains running,” he said.

According to the Australian Broadcasting Corporation (ABC), Australians who are taxed at 32.5 per cent will receive a refund of approximately A$6.50 ($4) for every two-pack of rapid antigen tests (RATs) they buy for A$20.

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Small businesses will have their fringe benefit tax (FBT) liability reduced by A$20 for every two-pack they buy and provide to employees.

Frydenberg did not provide a cost estimate for the scheme but warned that the government’s economic support measures must end.

“The reality is the economy simply cannot be conditioned to the level of unprecedented support that has been required over the last two years,” he said.

Source
IANS

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