DEFERRAL OF STANDARD DEDUCTIONS

The government have announced the deferral of the standard work related expenses and cost of managing tax affairs deduction. The standard deduction system was to commence on 1 July 2012, however it has now been deferred to 1 July 2013. The available standard deductions will be $1,000 for the years commencing 1 July 2013 and 1 July 2014.