British Expats

British Expats (https://britishexpats.com/forum/)
-   Australia (https://britishexpats.com/forum/australia-54/)
-   -   tax question (https://britishexpats.com/forum/australia-54/tax-question-434472/)

bushy Mar 14th 2007 1:08 am

tax question
 
Just been trying to get thru to the ATO with no luck so I thought I'd ask here!
My hubby and I want to open a high interest savings account so we can transfer some funds over from the UK.Obviously we'll earn interest on the money but,as I don't work,can I use my tax threshold($6000 I think) so that we don't pay any tax on the first $6000 that the account earns? or will the savings have to be in my name only to do this?
Hope I've explained that right!!
Thanks,Denise.

OzSheila Mar 14th 2007 1:25 am

Re: tax question
 

Originally Posted by bushy (Post 4516125)
Just been trying to get thru to the ATO with no luck so I thought I'd ask here!
My hubby and I want to open a high interest savings account so we can transfer some funds over from the UK.Obviously we'll earn interest on the money but,as I don't work,can I use my tax threshold($6000 I think) so that we don't pay any tax on the first $6000 that the account earns? or will the savings have to be in my name only to do this?
Hope I've explained that right!!
Thanks,Denise.

Yes, you will need to open the account in your name only. If it is in both names the interest income is split jointly.

HTH

bushy Mar 14th 2007 3:12 am

Re: tax question
 
Thanks for that OzSheila! It felt just like home hanging on for the Tax Office to answer!!


All times are GMT. The time now is 4:17 pm.

Powered by vBulletin: ©2000 - 2024, Jelsoft Enterprises Ltd.
Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.