A one off $420 offset for anyone earning under $126,000. This will be applied as an offset to your tax payable when you lodge your 2022 tax return.
Tax Deductibility of Covid-19 Test Expense
The cost of taking a Covid-19 test to attend a place of work is tax deductible from 1 July 2021 (this whole financial year) for individuals. This means that if the business pays the fee then there is no Fringe Benefit Tax as it’s a deductible expense to employees.
Skills and Training Boost
As from budget night, you can deduct an additional 20% of the expense the business incurs on external training courses for employees. The course must be provided in Australia or online and delivered by entities registered in Australia. For Example – if you spend $1000 on a course then you claim an expense of $1200 on the business tax return. This is until 30 June 2024.
Technology Investment Boost
As from budget night, you can deduct an additional 20% of the expense the business incurs on expenses that support digital adoption such as cyber security systems or subscriptions to cloud-based services. For Example – if you spend $1000 on this then you can claim an expense of $1200 on the business tax return. However this is capped at an expense of $100,000 per year. This is until 30 June 2023.
APL Accountants and My Tax Vet, 2 Genoa Ct, Cleveland, Qld 4163, Australia
