Fed: Tax Office cuts interest rate charge for tax scheme victims

AAP General News (Australia)
04-26-2001
Fed: Tax Office cuts interest rate charge for tax scheme victims

The Tax Office has cut the interest on tax debts incurred by people who've used dodgy
tax minimisation schemes.

More than 36,000 taxpayers have taken part in mass-marketed investment schemes designed
to heavily reduce income tax.

Many of them are the people from Kalgoorlie who put their case to Prime Minister JOHN
HOWARD two weeks ago.

As a result of an earlier Tax Office ruling against the schemes, thousands of people
have been left with hefty tax bills, some up to $50,000.

Taxation Commissioner MICHAEL CARMODY has announced that some investors, who meet yet
to be established criteria, will have the interest charged on their outstanding debts
lowered to 5.86 per cent, from the normal General Interest Charge of 13.86 per cent.

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KEYWORD: SCHEMES (CANBERRA)

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