Rudd to offer generous concessions to bank accounts for savers

MUM and dad investors will receive generous concessions to park their savings with banks and building societies as part of sweeping tax reforms.

The Rudd Government is preparing to unveil a new savings scheme offering tax breaks similar to superannuation’s discount rate of 15 per cent, The Daily Telegraph reports.

It will encourage investors to deposit savings with the four major banks and other respected financial institutions.

But investors will have to “lock up” their savings — perhaps for between five and 10 years — to qualify for the special rate.

The new savings deal will be announced as part of the Government’s much-anticipated response to the Henry tax review.

It will be part of a suite of measures aimed at building a new savings culture in Australia.

But it is also hoped it will generate billions of dollars in bank deposits, cutting the need for finance houses to borrow from overseas.

The Government expects it will be popular with voters who currently face punishing tax rates on savings. Some taxpayers can pay up to 50 per cent on interest earned from their bank deposits.

Australia is one of the few countries in the world to tax bank savings at the full rate.

Among key reforms, taxpayers will be able to lodge their annual tax returns with a few clicks of a mouse.

And Australia’s antiquated tax system — containing 125 different taxes — will be streamlined to simplify arrangements.

It is understood the Reserve Bank and other financial authorities have raised concerns about the steady decline in deposits.

Bank CEOs have been lobbying Canberra for changes to taxation on ordinary bank deposits, claiming the superannuation industry gets a huge advantage.

And they have a strong ally in Treasury boss Dr Ken Henry, who has also raised concerns over the punitive rates faced by those who save with banks.

Source  :  www.news.com.au

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DIAC refutes hoax email on asylum seeker policy

The Department of Immigration and Citizenship (DIAC) is urging the media and the public to ignore hoax emails circulating on the internet about government benefits provided to asylum seekers and refugees permanently settling in Australia.

Some of the hoax emails also falsely claim Australia accepts terrorists and other criminals under its international obligations.

“The text in these emails has many gross inaccuracies,” a DIAC spokesman said.

“Irregular maritime arrivals are subject to thorough security and identity checks and must satisfy the character test before being a decision is made about protection.

“Only those who engage Australia’s international obligations receive refugee status; indeed, the government has already returned people who were not refugees.

“Figures quoted in these emails also bear no resemblance to income-support payments to asylum seekers and refugees settling in Australia.

“Asylum seekers in Australia who have not yet had their protection claims decided have no access to Centrelink benefits.

“In Australia, refugees granted permanent visas have access to benefits on the same basis and at the same rates as other Australian permanent residents.”

The spokesman said refugees received no cash payments under Australia’s Integrated Humanitarian Settlement Strategy. He said any claims that refugees are given free houses were ridiculous.

“DIAC helps eligible refugees with English-language lessons and settling-in assistance including basic goods to start a household, as well as subsidies for rent and utilities for their first four weeks in the country,” the spokesman said.

“We would strongly encourage anyone who receives an email claiming asylum seekers or refugees are treated more favourably than Australian permanent residents to hit the delete button and ignore these ridiculous claims.”

Media Enquiries: (02) 6264 2244

Source  :  http://www.newsroom.immi.gov.au/media_releases/750

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Removal of work limitation condition on Retirement (Subclass 410) visa

1 July 2009 Legislation Change                                                                                                                           

From 1 July 2009, the Migration Regulations 1994 (‘the Regulations’) are amended to provide Retirement visa holders with full work rights by removing mandatory condition 8104 from the visa.

Current visa holders will not automatically receive the benefit of this change.

Retirement visas granted before 1 July 2009 will still have limited work rights (up to 20 hours per week).  Access to the no work limitation will take effect when the visa holder next renews his or her Retirement visa.

Source  :   www.immi.gov.au

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Central TAFE signs up for e-mail at last

One of WA’s largest educational institutions has moved its students into the digital age.

East Perth-based Central TAFE is about to roll out its first student e-mail service, after signing a deal with Microsoft.

The TAFE will offer its 15,000 students the software giant’s Live@Edu application, after trialling it with about 500 of them.

It follows a nine-month process which began when WA TAFE’s issued a tender for the supply of student e-mail services. Microsoft was awarded the tender last month.

Central TAFE managing director Neil Fernandes said Live@Edu would offer “connectivity and collaboration right across our campuses”.

Other WA TAFE’s – who have about 120,000 students between them – are watching Central’s pilot program. Live@Edu offers 10GB-capacity mailboxes and the potential to send and receive 20MB attachments.

Source  :  www.watoday.com.au

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Woodvale nets $2.2m funding

WOODVALE Senior High School will receive $2.2 million of Federal Government funds to build a new covered, four-court basketball facility.

Woodvale principal Paul Leech said the school’s four existing basketball courts would be resurfaced with a synthetic surface and covered with a roof.

“At the moment we only have one small gym, so many of our gym classes have to be held outside the school,” he said.

“At the moment we only have one the funding and thanked them for all their hard work.

WA Senator Louise Pratt said the facility would provide students and community sporting groups with much needed sporting infrastructure.

“This new sporting facility will provide a secure and comfortable sporting venue for players and spectators alike to benefit from,” she said.

Cowan MHR Luke Simpkins said he had been trying to secure the money for some time, and that the funding had taken 18 months too long.

Source : http://wanneroo.inmycommunity.com.au/news-and-views/local-news/Woodvale-nets-22m-funding/7527284/

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