General
Standard tax deduction could save millions of taxpayers money and time, says Blueprint
There are a few good reasons July 1 isn’t celebrated with the gusto of January 1. Despite the lure of a juicy refund, the new financial year task of completing your tax return is one of those reasons for many people.
Key points:
- The Blueprint Institute says 7-8 million fewer taxpayers might need to file returns under a $3,000 standard deduction
- 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 didn’t have to, and yet still got a healthy refund into your bank account from the tax office?
In fact, what if that refund was $400-600 bigger for the average taxpayer than what they currently get by hunting through their…
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