‘Instant’ $1,000 tax deduction comes a step closer
Workers will face an ‘instant’ tax deduction for work-related expenses of $1,000 if draft legislation revealed on Monday passes into law.
Australian workers will face an ‘instant’ tax deduction for work-related expenses of $1,000 if draft legislation revealed on Monday passes into law.
The Treasury today published a proposal that would lift the value of eligible expenses taxpayers can deduct from their assessable income, without providing receipts, from its current level of $300.
The draft legislation follows a promise federal Labor brought to the 2025 election campaign, which Treasurer Jim Chalmers argued would save time for taxpayers and accountants alike.
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