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Exposure Draft - Standard Deduction for the Cost of Work-Related Expenses and the Cost of Managing Tax Affairs

Date:

Friday, 30 September 2011

Content ID:

2172

Abstract:

On 11 May 2010 the Treasurer announced that the Government would provide individual taxpayers with a 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, released a discussion paper for public comment on the design and scope of the standard deduction on 2 March 2011. Public consultation on the discussion paper closed on 8 April 2011 and 13 submissions were received.

The Government has now released exposure draft legislation and explanatory material for public consultation. The exposure draft provides for a standard deduction of $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 draft regulations. 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, 14 October 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 Michelle Dowdell (02) 6263 3071.

Documents Available:


Acrobat (PDF) documents

 Acrobat (PDF)

Explanatory Material  29.38kb
Exposure Draft  24.28kb

Microsoft Word (RTF) documents

 Microsoft Word (RTF)

Explanatory Material  232.80kb
Exposure Draft  4,604.39kb

Related Items:

Discussion Paper - Making Tax Time Simpler: Standard Deduction for the Cost of Work-Related Expenses and the Cost of Managing Tax Affairs - 2/03/2011
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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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