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Federal Government Set To Announce COVID-19 Rapid Antigen Tests Will Become Tax Deductible

The Federal Government is set to announce that they will make COVID-19 tests tax-deductible for Australian residents.

They will also become exempt from fringe benefits tax for businesses if they are used for work purposes.

Initially, the change will only be for Rapid Antigen Tests (RATs), but the government will also include future medically approved tests.

Australians earning an income that is taxed at 32.5% will receive a tax refund of $6.50 for every two RATs purchased, for $20.

Treasurer Josh Frydenberg will announce the changes to tax legislation in a speech to the Australian Industry Group on Monday morning.