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11 May 10 Optional standard deduction for work related expenses and cost of managing tax affairs

From 1 July 2012 the Government will provide individual taxpayers with an optional standard deduction of $500 in lieu of claiming work-related expenses and the cost of managing their tax affairs. The standard deduction will be increased to $1,000 from 1 July 2013.

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.

For more information, see the Treasurer's media release, No 2010/37, 11 May 2010.

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