Did you know you can receive a "Tax Discount" of 50%

Off your interest income?

"On 25 November 2011, the government announced it would defer the start date of the savings discount measure to 2013-14 income year.

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." Refer ATO link for more information.

However the catch. (and there always is one)

The discount will apply to interest received from the following;

1. deposits held with any bank
2. deposits with any building society
3. Deposits with any credit union
4. bonds
5. debentures
6. annuity products.

Regards,

Kelvin Davis