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Tax Discount For Interest Income Deferred
The Government has announced its decision to defer the start date of the 50% tax discount for interest income for individuals for 12 months.
The proposal is now expected to commence on 1 July 2013.
Under the proposal, the discount would apply on up to $500 (increasing to $1,000 the following year) of interest earned on deposits held with any bank, building society or credit union, as well as bonds, debentures or annuity products.
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