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Forum: Australia

Jan 20th 2011, 11:42 pm

Replies: 32

Savings and Interest

Views: 2,582

Posted By Grayling

Re: Savings and Interest

Agree

It is a tough one really.

I don't like the idea of the ATO holding on to my money but then I don't like paying the annual bill either.

Psychologically I can see that having a rebate...

Forum: Australia

Jan 20th 2011, 11:32 pm

Replies: 32

Savings and Interest

Views: 2,582

Posted By Grayling

Re: Savings and Interest

I also have an overseas income which is not taxed at source

You really need a lot of discipline to prepare for the inevitable tax bill

Forum: Australia

Jan 20th 2011, 11:24 pm

Replies: 32

Savings and Interest

Views: 2,582

Posted By Grayling

Re: Savings and Interest

That's all very well but I just got a five figure tax bill from the ATO:(

It does not seem such a good idea when you have to eventually pay up

Forum: Australia

Jan 20th 2011, 1:26 pm

Replies: 32

Savings and Interest

Views: 2,582

Posted By Grayling

Re: Savings and Interest

The interest will vary according to the term of the deposit so you could get a bit higher than that.

The tax will depend on your overall income and allowances but all income is liable for tax.

Forum: Australia

Jan 20th 2011, 1:19 pm

Replies: 32

Savings and Interest

Views: 2,582

Posted By Grayling

Re: Savings and Interest

Around 6% on a term deposit.

Yes you will get taxed on it

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