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Simplified tax returns

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From 1 July 2012, taxpayers will be able to choose to claim a $500 of standard tax deduction, instead of providing documentation for work-related expenses or deductions. This will increase to $1,000 from 2013-2014. The standard deduction will be available regardless of whether the expenditure was incurred.

For example, individuals who complete their own tax returns will be able to claim the standard deduction for their efforts. Taxpayers with deductible expenses greater than the standard amounts will be able to continue to claim deductions by lodging the usual Tax Return

Recent University graduates may need to consider taking advantage of this option in the early stages of their careers, when deductions are minimal.

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