Save Tax by leaving your money in the bank!

Save Tax by leaving your money in the bank!

As crazy as it sounds save tax by putting your money in the bank.

 

From 1 July 2013, individuals will be entitled to a tax discount of 50% on up to $500 of interest income they receive.From 1 July 2014, individuals will be entitled to a tax discount of 50% 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 earned on bonds, debentures and annuity products.

Author: Direct from the ATO

About the Author

Specialising in Property Investing, Wealth Creation, New Company & SMSF startups, Tax

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