As you may recall, as part of the 2020-21 Federal Budget, the Morrison government released a generous tax incentive to help stimulate the Australian Economy due to the onset of COVID-19. The Temporary Full Expensing stimulus measure, allowed businesses with an aggregated turnover of less than $5 Billion to access an instant deduction for
RATs are now tax deductible! And no FBT. As we move into living with COVID as the new norm, the Federal Government have finally caught up with the fact that PCR and rapid antigen tests (RATs) for COVID are becoming an everyday cost for individuals and employers. The Government have announced a policy change
Are you providing COVID-19 related benefits to employees? Business owners providing benefits in addition to salary or wages because of COVID-19 need to check if fringe benefits tax could apply. Although you may be providing various benefits to create a safe workplace and support employees, you may be inadvertently liable for fringe benefits tax.