10 Nov 10 2010-11 Mid-Year Economic and Fiscal Outlook (MYEFO) - interest income exemption deferred
In media release No 2010/079, 9 November 2010, the Treasurer, Wayne Swan, announced the release of the 2010-11 Mid-Year Economic and Fiscal Outlook (MYEFO). In it, under the heading "Policy decisions taken since the 2010 Pre-Election Economic and Fiscal Outlook (PEFO)", the following statement is made:
"The Government will defer the commencement of the 50% 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."