Business Finances - COVID-19 Tax Concessions

Certain state and territory COVID-19 business support programs treated as non taxable (NANE) income will be extended to 30 June 2022.

Some types of COVID-19 government grants and support programs are treated as non-assessable non-exempt (NANE) income. The treatment of these payments as non taxable (NANE) income will be extended to 30 June 2022.

Note: The NANE tax treatment only applies to eligible COVID-19 grants directed at supporting businesses in geographical areas that have been significantly disrupted by public health directives. 

Click here for full list of NSW and VIC COVID-19 grants and support programs that will be treated as non taxable (NANE).

COVID-19 tests, including Polymerase Chain Reaction (PCR) and Rapid Antigen Tests (RAT), will be made tax deductible for businesses and employees.

From 1 July 2021, work-related COVID-19 test expenses incurred by individuals will be tax deductible. This applies both when an individual is required to attend the workplace or has the option to work remotely.

For businesses, fringe benefits tax (FBT) will not apply for COVID-19 tests provided to employees for the purposes of allowing employees to attend a place of work.

This change will take effect from the beginning of the 2021-22 tax year and will be in place permanently.

Click HERE to download the report as a PDF or search links below to read on...

Personal Finances

• Cost of living relief: fuel excise cut and tax offset  
• Increasing the Medicare low-income thresholds

Business Finances

• COVID-19 tax concessions
• Boost to small businesses
• Expanded Patent Box Scheme
• Australia-UK Free Trade Agreement
• Tax audits and reviews
• Expanded Employee Share Schemes

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Disclaimer: This newsletter contains general information only. No responsibility can be accepted for errors, omissions or possible misleading statements. No responsibility can be accepted for any action taken as a result of any information contained in these articles. It is not designed to be a substitute for professional advice and does not take into account your personal circumstances.