Tax on children

Old Jul 19th 2007, 9:53 am
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Default 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?

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Old Jul 20th 2007, 1:00 am
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Default Re: Tax on children

Bump... anyone?
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Old Jul 20th 2007, 1:18 am
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Default Re: Tax on children

This might help

http://www.ato.gov.au/individuals/co...1/002&st=&cy=1
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Old Jul 20th 2007, 1:20 am
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Default Re: Tax on children

A better page I think

http://www.ato.gov.au/individuals/co...tent/20046.htm
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Old Jul 20th 2007, 1:33 am
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Default Re: Tax on children

Originally Posted by MartinLuther
For the tax year just ended does anyone know the tax bands for children and what the low income offset is?

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%
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Old Jul 20th 2007, 1:34 am
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Default Re: Tax on children

Originally Posted by BayWhale
Perfect. Just what I needed.

Thanks
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Old Jul 20th 2007, 1:42 am
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Default Re: Tax on children

Originally Posted by BullcreekBob
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%
Thanks for that Bob, I know those rates apply if the child is employed, however the ATO has a special rate for children to stop adults splitting their savings income with their kids.

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.
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Old Jul 21st 2007, 6:26 am
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Default 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
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Old Jul 21st 2007, 8:42 am
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Default Re: Tax on children

Originally Posted by tum
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
Sounds right to me.

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Old Jul 22nd 2007, 6:47 am
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Default Re: Tax on children

Thanks
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