News

Government cuts tax on savings vehicles to 28%

Thursday 20th of May 2010

As part of a wide array of changes to the tax system, the government's 2010 Budget cuts the rate on savings vehicles to the new corporate rate of 28% to help stoke consumer savings, along with raising GST to discourage spending.  

The lower rate for portfolio investment entities (PIEs), superannuation funds, unit trusts, group investment funds and life insurance is forecast to...

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