Tax deductions favour those 'gaming' the system. Standard deductions might help
3 years, 11 months ago

Tax deductions favour those 'gaming' the system. Standard deductions might help

ABC  

Those who call for a standard deduction argue it creates simplicity. Under Blueprint's plan, the $3,000 standard deduction would be claimed automatically — people would just submit a form that was already pre-filled rather than spend hours completing their tax return. Work-from-home claims on the rise The institute's proposal comes at a time when more Australians have been working from home due to the COVID-19 pandemic and are claiming more in work-related tax deductions. In response to more people working from home during the pandemic, in April last year the Australian Tax Office announced a new "shortcut" where people could claim 80 cents per hour for all their running expenses, rather than needing to calculate costs for specific running expenses. The ATO's new 80 cents per hour tax shortcut Claiming tax deductions for working from home due to coronavirus is being made easier At the time, accountants warned many people may be seriously short-changing themselves and getting lower refunds by using the shortcut method.

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History of this topic

Standard tax deduction could save millions of taxpayers money and time, says Blueprint
3 years, 11 months ago

Standard tax deduction could save millions of taxpayers money and time, says Blueprint

ABC  

There are a few good reasons July 1 isn't celebrated with the gusto of January 1. Key points: Blueprint says 7-8 million fewer taxpayers might need to file returns under its plan The average taxpayer would save between $400-600 according to the modelling A smaller standard deduction was proposed under the Rudd government but then scrapped But what if you …

Income Tax Deductions, Work From Home Benefits: 5 Things Middle Class Expects from Budget 2021
4 years, 2 months ago

Income Tax Deductions, Work From Home Benefits: 5 Things Middle Class Expects from Budget 2021

News 18  

The challenges before Finance Minister Nirmala Sitharaman as she prepares to present the Union Budget for 2021-22 are all too well known. At this unprecedented economic juncture, here is what the middle-class taxpayer expects from the Finance Minister: – The government could look at providing deductions for expenses incurred by salaried employees while working from home in the upcoming Budget …

No more work-related expenses, time for a standard deduction says tax watchdog
5 years, 11 months ago

No more work-related expenses, time for a standard deduction says tax watchdog

ABC  

A standard deduction for work-related expenses should be examined with a view to eradicating the need for millions of Australians to lodge tax returns, the nation's tax watchdog has recommended. Key points: A review by the tax watchdog into the future of the tax profession suggests a standard tax deduction could make things simple The ATO had said its random …

Sixty-nine millionaires paid zero tax in 2016-17
6 years ago

Sixty-nine millionaires paid zero tax in 2016-17

ABC  

Sixty-nine Australians who earned more than $1 million in the 2016-17 financial year did not pay a cent of income tax. Key points: ATO data shows 69 millionaires reduced their taxable income to zero by claiming millions in deductions Negative gearing is still a popular tax break, with 1.3 million people claiming losses totalling $12.3 billion on their rental properties …

Salaried taxpayers can claim Rs 40,000 standard I-T deduction without documents
7 years, 1 month ago

Salaried taxpayers can claim Rs 40,000 standard I-T deduction without documents

India TV News  

The new standard deduction announced by Finance Minister Arun Jaitley in the Union Budget 2018 can be claimed without any documental proof, CBDT chief Sushil Chandra informed on Thursday. "Salaried taxpayers, pensioners need no documents, bills to claim Rs 40,000 standard I-T deduction on travel, medical expenses," Chandra told PTI. The Union Budget 2018 gave slight relief to the salaried …

Tax deductions for advice should be capped at $3,000: Australia Institute
7 years, 10 months ago

Tax deductions for advice should be capped at $3,000: Australia Institute

ABC  

The Australia Institute think tank has backed a plan by Labor to limit deductions for the cost of managing tax affairs to $3,000. The Australia Institute's analysis showed that those earning more than a million dollars claimed an average $12,657 in deductions for help managing their tax affairs. Mr Grudnoff said, aside from improving fairness in the tax system, a …

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