| Financial Institutions Duty |
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| taxation in australia | |
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The tax was introduced in the different states on dates between 1982 and 1992 . It was abolished in all states from 1 July 2001 , as part of the package of reforms for the Goods And Services Tax . The duty was a percentage of the amount deposited, but with a maximum tax per deposit on ordinary accounts, For term deposit or short term money market investments there was no limit on the duty per deposit. But for amounts of $50,000 or more and up to 185 days the duty was reduced by a factor days/365, so for example only 0.0012% on a 73 day investment (1/5 of the year). The duty was levied according to the state where the bank account was domiciled, not where the account holder lived. About $1 billion per year was being collected just before its abolition (calculated by the Australian Bankers' Association ). LEGISLATION
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