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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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ballotWEST Australians have been urged to read Saturday’s daylight saving referendum question and instructions on how to vote carefully after No campaigners claimed ballot papers were biased.

Voters are instructed to write Yes or No in response to the question asking whether WA should have daylight saving, but the WA Electoral Commission confirmed that a tick could be counted as a Yes vote while a cross would be ruled invalid.

Premier Colin Barnett, who will vote against daylight saving, urged voters to read the ballot paper carefully.

He also told 6PR Radio this moreferendum werrning that West Australians should not allow politicians to come up with questions for future referendums.

Electoral Commissioner Warwick Gately rejected accusations the referendum was being manipulated, saying legal principles that applied at the 1992 daylight saving e being applied.

 
 
 

 

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