International Law

Standard tax deductions

By David Jacobson

The Assistant Treasurer and Minister for Financial Services and Superannuation, has released a discussion paper on the design and scope of the standard tax deduction which was announced in the 2010-11 Budget.

The standard deduction (not requiring proof of work-related expenses) will be $500 for 2012-13, rising to $1,000 for 2013-14 and subsequent years.

Taxpayers whose claims for these expenses exceed the standard deduction will still be able to claim those deductions.

The closing date for submissions is 8 April 2011.

Full post as published by Australian Regulatory Compliance Review on March 01, 2011 (boomark / email).