02 Mar 1111 Discussion Paper released - standard deduction for taxpayers
In media release No 2011/037, issued 2 March 2011, the Assistant Treasurer and Minister for Financial Services and Superannuation, Bill Shorten, announced the release of a discussion paper outlining the proposed standard deduction for individual taxpayers, which was announced in the 2010-11 Budget.
From 1 July 2012, the $500 deduction (without receipts), rising to $1,000 from 1 July 2013, will give taxpayers the option of bypassing the costly and complex work of figuring out what is deductible, correctly quantifying work-related expenses and dividing expenses between income-earning purposes and private purposes.
"Providing a standard deduction will remove this burden for many taxpayers and increase their tax return. No taxpayers will be disadvantaged. Taxpayers with expenses above the standard deduction will be able to continue to claim those expenses when lodging their tax return under the existing rules," the Assistant Treasurer said.