From 1 July 2021 employees, sole traders or contractors that pay for a COVID-19 test for a work-related purpose, can claim a deduction.

Every business that employs contractors should have a process in place to ensure the correct classification of employment arrangements.

The 2022-23 Federal Budget is a safe, ballot box friendly Budget as expected with a focus on cost of living, homeownership, and health.

This measure enables an asset’s cost to be fully deductible upfront rather than being claimed over the asset’s life, regardless of the cost.

The ATO’s finalised position on the allocation of profits from professional firms starts July 2022 with two gateway tests.

If you have had to purchase RAT tests to be able to work, you will be able to receive a tax deduction for the cost from 1 July 2021.