$1,000 instant tax deduction for work-related expenses

Summary of proposal

The proposal would allow taxpayers to choose to claim a $1,000 instant tax deduction instead of claiming individual work-related expenses.

To be eligible for the instant tax deduction, taxpayers must earn labour income.

Taxpayers claiming more than $1,000 in work-related deductions will still be able to do so in the usual way. Charitable donations and other non-work-related deductions would continue to be claimed on top of the instant tax deduction.

The proposal would start on 1 July 2026.

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$1,000 instant tax deduction for work-related expenses

Summary of proposal

The proposal would allow taxpayers to choose to claim a $1,000 instant tax deduction instead of claiming individual work-related expenses.

To be eligible for the instant tax deduction, taxpayers must earn labour income.

Taxpayers claiming more than $1,000 in work-related deductions will still be able to do so in the usual way. Charitable donations and other non-work-related deductions would continue to be claimed on top of the instant tax deduction.

The proposal would start on 1 July 2026.

Read more

$1,000 instant tax deduction for work-related expenses

Summary of proposal

The proposal would allow taxpayers to choose to claim a $1,000 instant tax deduction instead of claiming individual work-related expenses.

To be eligible for the instant tax deduction, taxpayers must earn labour income.

Taxpayers claiming more than $1,000 in work-related deductions will still be able to do so in the usual way. Charitable donations and other non-work-related deductions would continue to be claimed on top of the instant tax deduction.

The proposal would start on 1 July 2026.

Read more

$1,000 instant tax deduction for work-related expenses

Summary of proposal

The proposal would allow taxpayers to choose to claim a $1,000 instant tax deduction instead of claiming individual work-related expenses.

To be eligible for the instant tax deduction, taxpayers must earn labour income.

Taxpayers claiming more than $1,000 in work-related deductions will still be able to do so in the usual way. Charitable donations and other non-work-related deductions would continue to be claimed on top of the instant tax deduction.

The proposal would start on 1 July 2026.

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Big corporations tax (banks)

Summary of proposal

The proposal would increase the rate of the Major Bank Levy (MBL) to 0.08% per quarter.

Ensure major banks repay cheap COVID-era funding by requiring repayment of the Term Funding Facility (TFF) and bond repayments from their ‘excess reserves’ accounts issued during quantitative easing through a levy.

The proposal would start on 1 July 2025.

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Big corporations tax (banks)

Summary of proposal

The proposal would increase the rate of the Major Bank Levy (MBL) to 0.08% per quarter.

Ensure major banks repay cheap COVID-era funding by requiring repayment of the Term Funding Facility (TFF) and bond repayments from their ‘excess reserves’ accounts issued during quantitative easing through a levy.

The proposal would start on 1 July 2025.

Read more

GST threshold change

Summary of proposal

The proposal increases the mandatory turnover threshold for GST registration from $75,000 to $250,000 for businesses and non-profit organisations.

The policy would start 1 July 2025, and be ongoing.

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GST threshold change

Summary of proposal

The proposal increases the mandatory turnover threshold for GST registration from $75,000 to $250,000 for businesses and non-profit organisations.

The policy would start 1 July 2025, and be ongoing.

Read more

GST threshold change

Summary of proposal

The proposal increases the mandatory turnover threshold for GST registration from $75,000 to $250,000 for businesses and non-profit organisations.

The policy would start 1 July 2025, and be ongoing.

Read more

GST threshold change

Summary of proposal

The proposal increases the mandatory turnover threshold for GST registration from $75,000 to $250,000 for businesses and non-profit organisations.

The policy would start 1 July 2025, and be ongoing.

Read more