Rapid antigen test kits to be tax deductible | CroweDM
Treasurer Josh Frydenberg will confirm the decision on Monday in a speech that points to strong jobs growth late last year to argue that Australians are returning to the workforce and “switching” jobs in a trend that could deliver higher salaries.
While some employers have assumed the virus tests have been tax-deductible because they have been used for occupational health and safety, the Treasurer’s statement will confirm this as well as the exemption from fringe benefits tax. A small business would reduce its fringe benefits tax bill by about $20 for every dual pack of RATs it bought for $20 and provided to employees, according to the government estimates.The Australian Industry Group called for widespread use of RATs last August and asked for clarity on tax rules in January. Mr Frydenberg will reveal the changes in a speech to the Ai Group on Monday.
“That’s why it’s so important that Labor have an agenda, under Anthony Albanese, to get those costs of living down, whether it’s cheaper and cleaner energy, whether it’s cheaper, more accessible childcare or whether it’s trying to get wages growing again.”Mr Frydenberg will argue on Monday that the government’s performance on jobs can be measured by the 4.2 per cent unemployment rate, the lowest in 13 years, and the addition of 1.
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