Treasury Laws Amendment (Tax Reform No. 1) Act 2026 (49 of 2026)

Schedule 4   Standard deduction for work-related expenses

Part 1   Amendment of the Income Tax Assessment Act 1997

Income Tax Assessment Act 1997

2   After subsection 25-100(1)

Insert:

Transport expense

(1A) A transport expense is a loss or outgoing to do with transport (including the decline in value of a *depreciating asset used in connection with transport) but does not include:

(a) a loss or outgoing for accommodation or for food or drink; or

(b) expenditure incidental to transport.