CANBERRA, ACT, April 20 -- The Treasurer of Australia issued the following media release:
Around 6.2million workers are set to benefit from the Albanese Government's $1,000 instant tax deduction, with public consultation on draft legislation commencing today.
This is about making the tax system simpler and delivering more lasting cost‑of‑living relief to taxpayers.
The reforms will allow workers to knock a thousand dollars off their taxable income without providing receipts when they lodge their 2026-27 tax return.
This will help workers cut back on the paperwork and save them time and money at tax time.
For 2026-27, 6.2million workers (42percent of taxpayers) are expected to benefit from the proposal, with an average tax s...