Tax Week: A new $1,000 tax deduction?
6/30/202610 min
You might have heard about the new $1,000 tax deduction for work-related expenses... but how will it actually work?
In this episode of Tax Week with ABC Business Daily, Carrington Clarke and Emily Stewart unpack everything you need to know about the new $1,000 dollar work-related tax deduction: what it is, what it isn't, and who it makes sense for.
Be sure to check out Emily's ABC Newsletter, Your Money Explained.
Got a burning business question?
We'd love to hear your questions! If there’s business and economic news that has you stumped or you'd like further insight into, we're here to help. Send a short voice recording to Carrington and the team at abcbusinessdaily@abc.net.au and we'll attempt to answer it.
Clips
Transcript preview
First 90 secondsEmily Stewart· Guest0:00
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Carrington Clarke· Host0:05
[upbeat music] G'day. I'm Carrington Clark, and welcome to Tax Week with ABC Business Daily, a special series that will be dropping in your feeds bright and early across the week. Now, since the government unveiled the federal budget back in May, there's been a lot of chat about tax. We've been covering a bunch of the proposed changes to tax policy on the pod, but as the financial year comes to a close, we wanted to bring you a special bonus series zooming in on how those policies might affect you right now and in the financial years ahead. So every day at 6:00 AM this week, keep a lookout for a mini episode taking you through a key what-you-need-to-know tax time topic before your usual Business Daily episode later in the morning. So let's kick things off. To tackle this across the week, I'm joined by ABC finance reporter Emily Stewart, also known as Sensible Emily, editor of the Your Money Explained newsletter. Hello, Emily.
Emily Stewart· Guest1:05
Hello, Carrington, and Happy New Year.
Carrington Clarke· Host1:07
Happy new financial year. Here we go, 2026, 2027. Uh, I, w- I'm, I spent a long time in America, and they have a different, uh, financial year to us. It goes with the calendar year, so it's, it's kinda nice how we split it up, I think. It gives you kinda two- [laughs] Two celebrations ... two, two celebrations a year. Exactly. Um, now, Emily, one of the things that is going to be