mickagnew

Hi all

Now we are thinking of not plunging into th Perth market when we arrive can anyone tell me what rate of tax you have to pay on any savings and what the current rates are for say $250,000 invested

Cheers

Mick

Pet

Hi Mick, total of interest for the financial year is added onto your gross income for the year, so all depends on your income. There are certain things that you can claim as a work expense to reduce your gross income, plus charity donations and maybe other bits and bobs. For example I sponsor a child thru World Vision, costs me about $500 a year but the total amount is deducted from my gross income. Sure someone will be along later to maybe be able lead you to government web sites that you can check it up. Hope I have helped a little.

Cheers
Pauline

Pet

Mick, just had a thought, check ato.gov.au and do some searches there, might help.
Pauline

mickagnew

Thamks for the info

Mick

JohnAndNetta

Mick

If you're still thinking of keeping your savings reasonably liquid then I've noticed Bank-West (Perth based) are offering 6.4% on their telenet saver account. However you need to specify a 'normal' bank account to transfer in and out of. There are no penalties for early withdrawal and the interest is paid monthly. Their 12 month term deposit offers 6.5% so not a lot different. I can't find any other bank that comes close. (Bankwest is now owned by HBOS btw). Obviously the stock market may offer much better rates of return but far riskier unless you are willing to go the distance. The ATO have up to date tax tables for you to work out how much tax you will have to pay on your savings. And no - I don't work in the banking industry!!! I'm a freelance layabout (at the moment!)

Netta.