Australia Treasury Seeks Comments on Draft Bill to Amend Standard Deduction for Work-Related Expenses

The Australian Treasury April 20 opened a consultation on a draft bill to amend the standard deduction for work-related expenses. The bill includes measures to: 1) introduce a standard deduction of up to A$1,000 (US$716) for eligible individuals deriving assessable labor income, starting in tax year 2026-27; 2) define transport expenses eligible for deduction for work-related purposes; 3) exclude insurance premiums and trade, business, or professional association membership fees from that reduction; 4) allow taxpayers to apply a 50 percent fixed reduction to balancing adjustment amounts for depreciating assets used to produce assessable labor income; 5) prohibit allocating depreciating assets ...