All of the latest tax news, views and clues for March 2022.

This Alert addresses:

  • Work-related COVID-19 tests – The Federal Government intends to legislate to make both PCR tests and RATs tax-deductible for individuals who buy them for a work-related purpose, and exempt from FBT for employers providing work-related tests to employees.
  • Natural love and affection: commercial debt forgiveness – The ATO has recently finalised a determination that explicitly states the exclusion for debts forgiven for reasons of natural love and affection requires the creditor (but not necessarily the debtor) to be a “natural person”.
  • Loss carry-back claims – Businesses that need a little more financial help will have one last opportunity to claim the refundable loss carry-back offset in their 2021–2022 income tax returns.
  • Tax debts and business credit scores – A closer look at the laws passed in 2019 which allow the ATO to disclose information about overdue business tax debts to credit reporting agencies.
  • SMSFs investing in crypto-assets – ASIC warns that while crypto-asset investments are allowed for SMSFs, they are high risk and speculative, as well as being an attractive area for scammers targeting uninformed investors.