Australian Treasury Consulting on Instant Standard Deduction of up to AUD 1,000 for Australian Tax Residents Earning Income from Work

The Australian Treasury has launched a public consultation on an instant standard deduction of up to AUD 1,000 for Australian tax residents who earn income from work, starting 1 July 2026.

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Instant tax deduction – exposure draft

We are seeking feedback on draft legislation and explanatory materials to introduce the instant tax deduction.

This reform delivers the government's election commitment to simplify the tax system and provide cost-of-living relief.

The Bill will amend tax law…