tax question
Mar 14th 2007, 1:08 am
#1
Forum Regular
Thread Starter
Joined: Mar 2006
Location: Iluka WA
Posts: 207
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.
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.
Mar 14th 2007, 1:25 am
#2
BE Enthusiast
Joined: Apr 2005
Location: Melbourne
Posts: 629
Re: 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.
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.
HTH
Mar 14th 2007, 3:12 am
#3
Forum Regular
Thread Starter
Joined: Mar 2006
Location: Iluka WA
Posts: 207
Re: tax question
Thanks for that OzSheila! It felt just like home hanging on for the Tax Office to answer!!
