International Law

Tax discount for interest income deferred

By David Jacobson

In the Mid-year Economic and Fiscal Outlook 2010-11, the Government announced that it will defer the commencement of the 50 per cent tax discount for interest income announced in the 2010?11 Budget by 12 months and lower the cap on interest income that is eligible for the discount in its first 12 months of operation.

Under the revised measure, the Government will provide individuals with a 50 per cent tax discount on up to $500 of interest income received in 2012?13, and up to $1,000 of interest income received each year from 1 July 2013.

Full post as published by Australian Regulatory Compliance Review on November 10, 2010 (boomark / email).