We gave you the heads up 5 months ago that the Treasurer was postponing the introduction of the ‘standard tax deduction’ and the ‘50% discount on tax on interest earnings’ (see article ‘In case you missed it’ posted 15/12/2011), and with our realistic leanings, predicted at the time that those initiatives would be totally shelved. This has now been confirmed with the release of the 2012 Federal Budget. Money in the Bank interest income tax savings and the promise of a simplified tax time for some workers is now gone. But really, who didn’t see that coming?
