Tax question
Oct 31st 2005, 9:47 pm
#1
.
Thread Starter
Joined: Nov 2004
Posts: 21,374
Tax question
I've just been taxed $600 odd by my bank on my interest as they didn't have my tfn.
I've now got to fill a form in to get it back.
I presume I have to declare all my interest earned at the end of the year.
Will I get taxed on it if I haven't been working or will I only get taxed on it if added to my income and how much.
I've now got to fill a form in to get it back.
I presume I have to declare all my interest earned at the end of the year.
Will I get taxed on it if I haven't been working or will I only get taxed on it if added to my income and how much.
Oct 31st 2005, 10:19 pm
#2
Born to be ignored
Joined: Sep 2003
Location: Anstead, Brisbane
Posts: 1,138
Re: Tax question
Originally Posted by fraser
I've just been taxed $600 odd by my bank on my interest as they didn't have my tfn.
I've now got to fill a form in to get it back.
I presume I have to declare all my interest earned at the end of the year.
Will I get taxed on it if I haven't been working or will I only get taxed on it if added to my income and how much.
I've now got to fill a form in to get it back.
I presume I have to declare all my interest earned at the end of the year.
Will I get taxed on it if I haven't been working or will I only get taxed on it if added to my income and how much.
At the end of the tax year you'll have to declare all of your income and you'll pay tax on the interest at your highest marginal tax rate. If you haven't been earning then you'll get a refund on any tax paid on interest.
If your bank is HSBC then they'll keep taking tax off even if you've given them your TFN. You'll phone them every month to ask why and they'll tell you it won't happen again and you should claim the tax back at year end. After about 6 months of this you'll get fed up and write a letter directly to your branch. They will fix it instantly because the branch is far less inept than head office.
Jane
Oct 31st 2005, 10:25 pm
#3
.
Thread Starter
Joined: Nov 2004
Posts: 21,374
Re: Tax question
Originally Posted by JaneandJim
Hi Fraser,
At the end of the tax year you'll have to declare all of your income and you'll pay tax on the interest at your highest marginal tax rate. If you haven't been earning then you'll get a refund on any tax paid on interest.
If your bank is HSBC then they'll keep taking tax off even if you've given them your TFN. You'll phone them every month to ask why and they'll tell you it won't happen again and you should claim the tax back at year end. After about 6 months of this you'll get fed up and write a letter directly to your branch. They will fix it instantly because the branch is far less inept than head office.
Jane
At the end of the tax year you'll have to declare all of your income and you'll pay tax on the interest at your highest marginal tax rate. If you haven't been earning then you'll get a refund on any tax paid on interest.
If your bank is HSBC then they'll keep taking tax off even if you've given them your TFN. You'll phone them every month to ask why and they'll tell you it won't happen again and you should claim the tax back at year end. After about 6 months of this you'll get fed up and write a letter directly to your branch. They will fix it instantly because the branch is far less inept than head office.
Jane
Oct 31st 2005, 10:56 pm
#4
(It's not my real name)
Joined: Sep 2002
Location: Ilukapool. WA
Posts: 12,467
Re: Tax question
Originally Posted by fraser
Thanks Jane, sounds out of character for an Aussie company to mess you about
Oct 31st 2005, 11:04 pm
#5
BE Forum Addict
Joined: Jun 2003
Location: Sydney beachside
Posts: 3,505
Re: Tax question
Originally Posted by renth
What pisses me off about the Crimminwealth bank is when it comes to tax time I have to declare the measly $20 interest but am not allowed to claim back the $250 charges
If an account's paying interest then it's an investment in my eyes - I claim all bank charges.
Oct 31st 2005, 11:09 pm
#6
(It's not my real name)
Joined: Sep 2002
Location: Ilukapool. WA
Posts: 12,467
Re: Tax question
Originally Posted by nickyc
You can claim bank charges as a deduction if the account is an interest-bearing account. Tax pack says 'You can claim these fees where the account was held for investment purposes'.
If an account's paying interest then it's an investment in my eyes - I claim all bank charges.
If an account's paying interest then it's an investment in my eyes - I claim all bank charges.
Oct 31st 2005, 11:21 pm
#7
BE Forum Addict
Joined: Jun 2003
Location: Sydney beachside
Posts: 3,505
Re: Tax question
Originally Posted by renth
I think you have mis-interpreted the tax pack info - I looked in to it and even rang the Tax office - if it is an account you access regularly you can't claim the charges only if it is used purely for investment purposes. My accountant didn't claim them back on this year's return.
Mind you - don't think I'll be calling the Tax Office for clarification - I'll stick with my understanding of Tax Pack!
Nov 1st 2005, 6:05 am
#8
Lost in BE Cyberspace
Joined: Mar 2003
Posts: 9,397
Re: Tax question
How quaint - having bank charges, I mean! <g>
