Tax on children
#1
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Joined: Jun 2005
Posts: 9,316
Tax on children
For the tax year just ended does anyone know the tax bands for children and what the low income offset is?
Or to put it another way. How much is a child allowed to earn from saving and other non-earned income before they get hit with the stupidly high tax rate?
Or to put it another way. How much is a child allowed to earn from saving and other non-earned income before they get hit with the stupidly high tax rate?
#5
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Joined: Oct 2006
Location: Bull Creek
Posts: 164
Re: Tax on children
G'day
Tax is at the same rate regardless of age, adult and child pay on the same scale although most adults own more than many children.
Under $6,000 - No tax,
From $6,001 to $30,000 - 15%
From $30,001 to $75,000 - 30%
From $75,001 to $150,000 - 40%
Above $150,000 - 45%
#6
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Joined: Jun 2005
Posts: 9,316
Re: Tax on children
Thanks
#7
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Thread Starter
Joined: Jun 2005
Posts: 9,316
Re: Tax on children
G'day
Tax is at the same rate regardless of age, adult and child pay on the same scale although most adults own more than many children.
Under $6,000 - No tax,
From $6,001 to $30,000 - 15%
From $30,001 to $75,000 - 30%
From $75,001 to $150,000 - 40%
Above $150,000 - 45%
Tax is at the same rate regardless of age, adult and child pay on the same scale although most adults own more than many children.
Under $6,000 - No tax,
From $6,001 to $30,000 - 15%
From $30,001 to $75,000 - 30%
From $75,001 to $150,000 - 40%
Above $150,000 - 45%
Have a look at this.
http://www.ato.gov.au/individuals/co....htm&page=5&H5
Cheers
PS: The karma message I sent was intended for BayWhale (just in case you get a mixed message). I was sending you one anyway. Thanks.
Last edited by MartinLuther; Jul 20th 2007 at 1:47 am.
#8
Re: Tax on children
Hi there,
Just read this thread. If I'm correct the income of a child can be for example interest earned on a savings account.
So if my son has AUD 8.000,-- at an interest rate of 5% his income is AUD 400, which is below the threshold?
This is...if I get it right ...so is it?
Cheers, Miranda
Just read this thread. If I'm correct the income of a child can be for example interest earned on a savings account.
So if my son has AUD 8.000,-- at an interest rate of 5% his income is AUD 400, which is below the threshold?
This is...if I get it right ...so is it?
Cheers, Miranda
#9
Account Closed
Thread Starter
Joined: Jun 2005
Posts: 9,316
Re: Tax on children
Hi there,
Just read this thread. If I'm correct the income of a child can be for example interest earned on a savings account.
So if my son has AUD 8.000,-- at an interest rate of 5% his income is AUD 400, which is below the threshold?
This is...if I get it right ...so is it?
Cheers, Miranda
Just read this thread. If I'm correct the income of a child can be for example interest earned on a savings account.
So if my son has AUD 8.000,-- at an interest rate of 5% his income is AUD 400, which is below the threshold?
This is...if I get it right ...so is it?
Cheers, Miranda
#10