The ATO has reminded taxpayers of the measure that provides that students who cease full-time education for the first time will be entitled to the standard tax-free threshold of $6,000 that applies to all resident taxpayers. The measure is applicable to assessments for income years commencing on or after 1 July 2006. Legislation to bring this measure into effect was contained in Tax Laws Amendment (2006 Measures No 5) Act 2006 (No. 110 of 2006) which received Royal Assent on 23 October 2006.
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