Personal Savings Guarantee
Oct 10th 2008, 8:22 am
#61
BE Enthusiast
Joined: Feb 2006
Location: UK to Sydney Feb 06
Posts: 738
Re: Personal Savings Guarantee
Just heard the tail-end of a report on the ABC news - sounds like a $20k (per institution) guarantee is on the cards. Will try and look for a link once DD in bed
Oct 10th 2008, 8:39 am
#62
Banned
Joined: Oct 2008
Posts: 3
Re: Personal Savings Guarantee
Yes. (You claim it back when you do your next tax return.)
If you have an account before you arrive in Oz, you pay 10% tax. Once you arrive in Oz it goes to the higher rate until you get your TFN. Normally that takes 4 weeks at the most.
At the end of the tax year you do your tax return and any tax you have overpaid gets repaid (within a fortnight). Really easy system.
AIO
If you have an account before you arrive in Oz, you pay 10% tax. Once you arrive in Oz it goes to the higher rate until you get your TFN. Normally that takes 4 weeks at the most.
At the end of the tax year you do your tax return and any tax you have overpaid gets repaid (within a fortnight). Really easy system.
AIO
Oct 10th 2008, 9:05 am
#63
Joined: Apr 2007
Posts: 2,517
Re: Personal Savings Guarantee
Yes. (You claim it back when you do your next tax return.)
If you have an account before you arrive in Oz, you pay 10% tax. Once you arrive in Oz it goes to the higher rate until you get your TFN. Normally that takes 4 weeks at the most.
At the end of the tax year you do your tax return and any tax you have overpaid gets repaid (within a fortnight). Really easy system.
AIO
If you have an account before you arrive in Oz, you pay 10% tax. Once you arrive in Oz it goes to the higher rate until you get your TFN. Normally that takes 4 weeks at the most.
At the end of the tax year you do your tax return and any tax you have overpaid gets repaid (within a fortnight). Really easy system.
AIO
Oct 10th 2008, 9:59 am
#64
Joined: Jun 2006
Posts: 4,555
Re: Personal Savings Guarantee
Yes. (You claim it back when you do your next tax return.)
If you have an account before you arrive in Oz, you pay 10% tax. Once you arrive in Oz it goes to the higher rate until you get your TFN. Normally that takes 4 weeks at the most.
At the end of the tax year you do your tax return and any tax you have overpaid gets repaid (within a fortnight). Really easy system.
AIO
If you have an account before you arrive in Oz, you pay 10% tax. Once you arrive in Oz it goes to the higher rate until you get your TFN. Normally that takes 4 weeks at the most.
At the end of the tax year you do your tax return and any tax you have overpaid gets repaid (within a fortnight). Really easy system.
AIO
Oct 12th 2008, 5:22 am
#65
BE Enthusiast
Joined: Apr 2008
Posts: 330
Re: Personal Savings Guarantee
Just saw K Rudd is guaranteeing all savings for 3 years has anyone got anymore details ? Thanks
Oct 12th 2008, 5:34 am
#66
Forum Regular
Joined: Jan 2008
Posts: 160
Re: Personal Savings Guarantee
QUOTE
Rudd guarantees all bank deposits
Posted 27 minutes ago
Updated 17 minutes ago
Kevin Rudd ... Bank deposits are safe. (ABC News)
Related Story: Bank lending will end credit crisis, says IMF chief Related Story: Swan flags help for retirees' super funds Related Link: ABC special coverage: Global Financial Crisis Prime Minister Kevin Rudd has announced that the Government will guarantee all deposits in all Australian banks and other financial institutions for the next three years.
Mr Rudd has announced the measures in response to the global financial crisis.
He says the Government will also guarantee that any money Australian banks borrow from foreign institutions would be repaid.
Mr Rudd says Australia's institutions are sound, but these measures are needed because other Governments are offering guarantees on their institutions.
"This global financial crisis has entered a new and dangerous phase with real consequences for growth, for jobs and therefore for the future," he said.
Earlier, Federal Treasurer Wayne Swan said the Government must be mindful that other countries are guaranteeing all bank deposits.
"We are looking at broadening the scheme and we are getting feedback on what's occurring elsewhere in the world, because we can't operate separately from the rest of the world," he said.
"We have to have a scheme which is broadly compatible with the rest of the world and that's what I've been providing the feedback on."
Rudd guarantees all bank deposits
Posted 27 minutes ago
Updated 17 minutes ago
Kevin Rudd ... Bank deposits are safe. (ABC News)
Related Story: Bank lending will end credit crisis, says IMF chief Related Story: Swan flags help for retirees' super funds Related Link: ABC special coverage: Global Financial Crisis Prime Minister Kevin Rudd has announced that the Government will guarantee all deposits in all Australian banks and other financial institutions for the next three years.
Mr Rudd has announced the measures in response to the global financial crisis.
He says the Government will also guarantee that any money Australian banks borrow from foreign institutions would be repaid.
Mr Rudd says Australia's institutions are sound, but these measures are needed because other Governments are offering guarantees on their institutions.
"This global financial crisis has entered a new and dangerous phase with real consequences for growth, for jobs and therefore for the future," he said.
Earlier, Federal Treasurer Wayne Swan said the Government must be mindful that other countries are guaranteeing all bank deposits.
"We are looking at broadening the scheme and we are getting feedback on what's occurring elsewhere in the world, because we can't operate separately from the rest of the world," he said.
"We have to have a scheme which is broadly compatible with the rest of the world and that's what I've been providing the feedback on."
Oct 12th 2008, 5:37 am
#67
BE Enthusiast
Joined: Apr 2008
Posts: 330
Re: Personal Savings Guarantee
Thanks rests the mind . I never really look on the down side but the thought of entire life savings down the swanny can be a concern.
. I never really look on the down side but the thought of entire life savings down the swanny can be a concern.
Oct 12th 2008, 5:39 am
#68
BE Forum Addict
Joined: May 2007
Location: Back in Blighty
Posts: 1,942
Re: Personal Savings Guarantee
So just whats covered?
Oct 12th 2008, 8:19 am
#69
Jedi Princess
Joined: Jun 2006
Location: Melbourne,Australia
Posts: 2,089
Re: Personal Savings Guarantee
The Rudd Labor government here and it's NZ counterpart are both planning to implement a savings guarantee scheme for the next 3 yrs. I just read about it on : www.ninemsn.com.au and on, www.stuff.co.nz
Oct 12th 2008, 9:29 am
#70
Joined: Jun 2006
Posts: 4,555
Re: Personal Savings Guarantee
I am wondering if it covers foreign banks here or just the rip off local based con artists.
