CANBERRA – Australian Treasurer Josh Frydenberg announced on Monday that the government will grant tax incentives to firms and individuals that require Covid-19 tests.
In an address to the Australian Industry (AI) Group, he said, "Today I'm announcing that we will ensure that COVID-19 testing fees are tax-deductible for testing taken to attend a place of work, offering businesses and individuals more clarity and assurance." "Covid-19 testing are a crucial tool that businesses utilise to protect their employees and guarantee that their doors remain open and our supply networks remain operational," he said.
According to the ABC, Australians who are taxed at 32.5 percent will receive a refund of around Australian Dollar 6.50 (USD4) for every two-pack of rapid antigen tests (RATs) purchased for A$20. For every two-pack purchased and distributed to staff, small firms will have their FBT obligation cut by Australian Dollar 20. Frydenberg did not give a financial estimate for the plan, but he did warn that the government's economic stimulus initiatives must come to an end.
"The economy simply cannot be conditioned to the unprecedented levels of support that have been required over the last two years," he said.
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