Discussion Paper - Making Tax Time Simpler: Standard Deduction for the Cost of Work-Related Expenses and the Cost of Managing Tax Affairs

Date:

Wednesday, 2 March 2011

Content ID:

1973

Abstract:

On 11 May 2010 the Treasurer announced that the Government would provide individual taxpayers with an optional standard deduction for work-related expenses and the cost of managing tax affairs.

The Hon Bill Shorten MP, Assistant Treasurer and Minister for Financial Services and Superannuation, has now released a discussion paper on the design and scope of the standard deduction.

The standard deduction will be $500 for 2012-13, rising to $1,000 for 2013-14 and subsequent years.

It will replace work-related expenses and the cost of managing tax affairs for those taxpayers whose claims for these expenses are less than the standard deduction.

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

Making a submission

Interested parties are invited to comment on the paper. While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment. Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.

Closing date for submissions: Friday, 8 April 2011
Address written submissions to:
General Manager
Personal and Retirement Income Division
The Treasury
Langton Crescent
PARKES ACT 2600
Email: standarddeduction@treasury.gov.au

For enquiries, please call André Moore (02) 6263 3067.

Documents Available:

Acrobat (PDF)

Discussion Paper 151.94kb

Microsoft Word (RTF) documents

Microsoft Word (RTF)

Discussion Paper 1,513.18kb

Related Items:

Submissions: Discussion Paper - Making Tax Time Simpler: Standard Deduction for the Cost of Work-Related Expenses and the Cost of Managing Tax Affairs - 7/07/2011

Treasury received 13 public submissions in response to its Discussion Paper Making tax time simpler: Standard deduction for the cost of work-related expenses and the cost of managing tax affairs. The submissions are listed below and are accessible by selecting the author.

The opinions expressed in the submissions are those of the authors and do not necessarily reflect the views of the Government or the Treasury.

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