Savings Rates And Tax Free Savings In Aus.
#1
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Joined: May 2004
Location: Milton Keynes, England
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Savings Rates And Tax Free Savings In Aus.
Can anybody tell me a website which details interest rates on Savings accounts for banks in Australia ?
Also, do they allow a certain amount of tax free savings similar to our ISA's/TESSA's in England ?
Thanks
Chris
Also, do they allow a certain amount of tax free savings similar to our ISA's/TESSA's in England ?
Thanks
Chris
#2
Re: Savings Rates And Tax Free Savings In Aus.
Originally Posted by eintracht
Can anybody tell me a website which details interest rates on Savings accounts for banks in Australia ?
Also, do they allow a certain amount of tax free savings similar to our ISA's/TESSA's in England ?
Thanks
Chris
Also, do they allow a certain amount of tax free savings similar to our ISA's/TESSA's in England ?
Thanks
Chris
#3
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Joined: May 2004
Location: Milton Keynes, England
Posts: 327
Re: Savings Rates And Tax Free Savings In Aus.
Originally Posted by sandradee
The highest rate for investments in Aus is currently 7.75% (8.75% if you lock it in for several years........10 I think) this is with ACR (Australian Capital Reserve)
#4
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Joined: Jan 2005
Location: ex-Lancashire, ex-Northern suburbs, Perth WA, now Switzerland
Posts: 126
Re: Savings Rates And Tax Free Savings In Aus.
Originally Posted by eintracht
What about bog standard savings or internet savings accounts ?
Tax free savings for the average Joe? Forget it, this is Australia. Savings is a swear word.
Last edited by cyclemark; Jan 18th 2005 at 11:13 am.
#5
Joined: Jul 2004
Posts: 6,360
Re: Savings Rates And Tax Free Savings In Aus.
I already have an ING account, can you transfer them over to Oz?
#6
Joined: Feb 2004
Posts: 1,277
Re: Savings Rates And Tax Free Savings In Aus.
Originally Posted by bridiej
I already have an ING account, can you transfer them over to Oz?
You will have to transfer the money via a "transaction" bank account (note that in Oz both cheque accounts and savings accounts are transaction accounts - so you can pay bills, transfer money, etc from your savings account).
With regard to the OP; there does not seem to be any tax free savings schemes here. The only thing that comes close is an Insurance Bond which pays out after 10 years tax free (however it is taxed as it goes along but at 30%, rather than through your tax return - so this is only of use for higher earners).
Regards
Alistair.