Tax return 2022 is here, at EndureGo Tax, the leading CPA accountant and tax agent in Inner West Sydney Ashfield, Northern Beaches Belrose and Adelaide, South Australia, we are here to help you. It is essential to remind that the work from home office expense of short cut method of 80 cents per hour, which the ATO introduced during the COVID19 year. Hence please come to see us, and let us help you to maximize the deductibility of the working from home office expense using the shortcut method for the final last year.
Also, in terms of the rapid antigen test, it is deductible in the tax return. Previously there was a lot of confusion, where some entity in the government says it is deductible, while others say it is deductible, subject to fringe benefits tax. However, the rule has changed in recent times.
Regarding COVID tests, the rules have changed to make them claimable for the first time. Assistant Commissioner Tim Loh said, “Taxpayers who’ve paid for a COVID-19 test for work-related purposes – for example, working out whether you can attend or remain at work – can claim a deduction for the COVID-19 test. So that could be a PCR test or RAT (rapid antigen test),” Mr Loh says.
“There are a few conditions that you need to satisfy. First, you must have spent the money and not be reimbursed by the employer. The client must have used it for work-related purposes, so if the client bought the rapid antigen test to work out if they can go on a holiday to Byron Bay with their mates, that’s not going to be a deductible expense.
Also, it is important to keep the receipt for the rapid antigen test, either in paper format or digital copy. However, please ensure you do not claim the rapid antigen test fee for the children, as it is not claimable.
As the leading CPA accountant in Inner West Sydney Ashfield, Belrose Northern Beaches and Adelaide, South Australia, we are here to help you. Give us a call, and we can help you to maximize your work-related deduction for the FY2022 tax year.