http://www.crikey.com.au/2009/06/18/banks-and-afr-do-the-ground-work-for-a-tax-free-grab/ now with extra source Sun, 12 Feb 2012 09:16:19 +0000 hourly 1 http://wordpress.org/?v=3.2.1 http://www.crikey.com.au/2009/06/18/banks-and-afr-do-the-ground-work-for-a-tax-free-grab/#comment-28889 Heathdon McGregor Thu, 18 Jun 2009 06:05:11 +0000 http://www.crikey.com.au/2009/06/18/banks-and-afr-do-the-ground-work-for-a-tax-free-grab/#comment-28889 Do the actions of the banks and the prime wowser government open the door for another "One Nation type" party to get votes by promising to reopen a government bank? How many people would put their own interests in front of the national image as they did with Howard? Do the actions of the banks and the prime wowser government open the door for another “One Nation type” party to get votes by promising to reopen a government bank? How many people would put their own interests in front of the national image as they did with Howard?

]]> http://www.crikey.com.au/2009/06/18/banks-and-afr-do-the-ground-work-for-a-tax-free-grab/#comment-28875 Peter Walmsley Thu, 18 Jun 2009 05:17:58 +0000 http://www.crikey.com.au/2009/06/18/banks-and-afr-do-the-ground-work-for-a-tax-free-grab/#comment-28875 Bank interest has been deductible since income tax was first levied in 1915. I think you mean that the banks may seek to have the rate of tax for the depositors reduced to the rate levied on superannuation funds (15%). Whether the advantage of a rate reduction would indirectly accrue to them through lower pre tax rates of interest in a time when competition for funds is fierce is, however, debatable. By the way, it is "deductibility" not "deductability". Bank interest has been deductible since income tax was first levied in 1915. I think you mean that the banks may seek to have the rate of tax for the depositors reduced to the rate levied on superannuation funds (15%). Whether the advantage of a rate reduction would indirectly accrue to them through lower pre tax rates of interest in a time when competition for funds is fierce is, however, debatable. By the way, it is “deductibility” not “deductability”.

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