Millions of Australians offered $1000 instant tax deduction under proposed law

The maximum tax savings under the legislation will be $470, while the average savings is $205.

“This will reduce paperwork, it will save time and money and it will also provide some tax relief,” Chalmers said.

“It will benefit 6.2 million workers when they file tax returns next year.”

About 6.2 million Australians are eligible for the immediate deduction

The legislation means employees won’t have to provide receipts for up to $1,000 in work-related expenses.

Chalmers said the $1,000 write-off is part of the Labor government’s wider budget target of cutting income tax.

Prime Minister Anthony Albanese said at the time it would give more Australians “your own money, faster” and it wouldn’t have to be claimed through an accountant or receipts.

“No paperwork, no box of receipts, no scrolling through your online banking – just check the box and your return is ready,” he said.

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