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Discussion Paper - Improving Incentives for Saving: 50 per cent Tax Discount for Interest Income

Date:

Tuesday, 12 July 2011

Content ID:

2082

Abstract:

On 11 May 2010 the Treasurer announced that the Government would provide individual taxpayers with a 50 per cent tax discount for interest income.

The Hon Bill Shorten MP has now released a discussion paper on the design and scope of the interest discount.

In 2012-13, individuals will be entitled to a tax discount equal to 50 per cent on up to $500 of interest income received. From 1 July 2013, individuals will be entitled to a tax discount equal to 50 per cent on up to $1,000 of interest income received each year.

The discount will apply to interest received from deposits held with any bank, building society or credit union, as well as interest on bonds, debentures and annuity products.

Making a submission

Interested parties are invited to comment on the paper. While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment. Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.

Closing date for submissions: Friday, 5 August 2011

Address written submissions to:
General Manager
Personal & Retirement Income Division
The Treasury
Langton Crescent
PARKES ACT 2600

Email: interestdiscount@treasury.gov.au

For enquiries, please call André Moore (02) 6263 3067

Documents Available:


Acrobat (PDF) documents

 Acrobat (PDF)

Discussion Paper - Improving Incentives for Saving: 50 per cent Tax Discount for Interest Income  210.17kb

Microsoft Word (RTF) documents

 Microsoft Word (RTF)

Discussion Paper - Improving Incentives for Saving: 50 per cent Tax Discount for Interest Income  1,845.25kb

Related Items:

Submissions: Discussion Paper - Improving Incentives for Saving: 50 per cent Tax Discount for Interest Income - 4/10/2011

Treasury received nine submissions in response to the consultation on the discussion paper - Improving Incentives for Saving. All of these submissions were public. The submissions are listed below and are accessible by selecting the author.

The opinions expressed in the submissions are those of the authors and do not necessarily reflect the views of the Government or the Treasury.

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