Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 25.125

  (1)   You can deduct a loss or outgoing to the extent it is incurred in gaining or producing your assessable income if:

  (a)   you are an individual; and

  (b)   the loss or outgoing is incurred in respect of testing you for the novel coronavirus SARS - CoV - 2 that causes COVID - 19 using a test covered by subsection   (3); and

  (c)   the purpose of testing you is to determine whether you may attend or remain at a place where you:

  (i)   engage in activities to gain or produce your assessable income; or

  (ii)   engage in activities in the course of carrying on a * business for the purpose of gaining or producing your assessable income.

  (2)   However, you cannot deduct a loss or outgoing under this section to the extent that it is a loss or outgoing of capital, or of a capital nature.

  (3)   This subsection covers a test that:

  (a)   is a polymerase chain reaction test; or

  (b)   is a therapeutic good (within the meaning of the Therapeutic Goods Act 1989 ) that:

  (i)   is included in the Australian Register of Therapeutic Goods maintained under section   9A of that Act; and

  (ii)   has an intended purpose, accepted in relation to that inclusion, that relates to the detection of the novel coronavirus SARS - CoV - 2 that causes COVID - 19.