tax question

Old Mar 14th 2007, 2:08 am
  #1  
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Question 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.
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Old Mar 14th 2007, 2:25 am
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Default Re: tax question

Originally Posted by bushy View Post
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
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Old Mar 14th 2007, 4:12 am
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Thumbs up Re: tax question

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