Savings tax discount hits hurdle

The federal opposition will try to block tax changes in the Senate that would give savers a tax discount on the interest earned in their bank accounts. The Australian Bankers Association has called on the opposition’s shadow treasurer Joe Hockey to back away from blocking the tax changes, saying any delays to their introduction would hurt consumers and industry players. Under the Government's planned changes, 6 million depositors will receive a 50 per cent discount on every dollar of bank interest up to $1000.

Source: Herald Sun