The $1,000 ATO Tax Deduction Explained | Should You Tick the Box?

The ATO is rolling out an automatic $1,000 tax deduction for millions of Australians, and it sounds like free money until you understand how deductions actually work. Jase has run the maths on what that $1,000 really puts back in your pocket at every tax bracket. Is this just another nice sell from the government, or is the box actually worth ticking? On this episode, we discuss: (00:00) Intro (00:21) The $1,000 Auto Tax Deduction Explained (00:57) Why a Tax Deduction Isn't a Tax Refund (04:09) What You Actually Get Back at Each Tax Bracket (05:29) The 70c Per Hour Work From Home Claim (07:25) Why the Average Aussie Claims $3,500 (08:31) Should the Deduction Be a Sliding Scale? (11:34) Easy Ways to Track Receipts and Kilometres (14:27) Why UK Workers Don't Lodge Tax Returns (16:08) When the $1,000 Deduction Starts (17:03) Super Contribution Cap Rising to $32.5K (19:51) Will the $20K Instant Asset Write-Off Stay? (20:54) Book Your Accountant Before 30 June Check out the free resources from Inovayt here. Send us an email: [email protected] The Numbers Game is brought to you by Future Advisory & Inovayt. Hosts:Nick ReillyJason Robinson This podcast is produced by VIDPOD. Check out our new website thenumbersgamepodcast.com.au. Browse the full show catalogue, jump straight to specific moments on the topics you love, or leave us a voice note. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.