From alp.org.au: The Albanese Labor Government plans to introduce a $1,000 instant tax deduction starting in the 2026-27 financial year to simplify tax returns and provide cost-of-living relief for taxpayers.

This reform will benefit 5.7 million taxpayers who claim less than $1,000 in deductions, saving them time and reducing the need for record-keeping.

The implementation of this deduction is estimated to cost $2.4 billion over the forward estimates and is part of a broader tax relief agenda.