The millennial accountants

ARE COVID TESTS TAX DEDUCTIBLE?

YES! the government has approved the deductibility of COVID-19 tests for individuals and businesses. Therefore an individual on a “standard” Australian wage will receive $6.50 back for every pack of RAT tests purchased.

For those who operate small businesses the total cost is exempt from FBT and therefore will receive a $ for $ return from the purchase of the RAT tests.

Can I claim tests I have already bought??
Effective 1 July 2021 onwards any tests purchased can be claimed just ensure you have kept the receipts or have some form of record of your purchase.

For further details about what is tax deductible for individuals and businesses reach out to us!!

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