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Go Matilda - Your Gateway to Australia The Go Matilda Forums The Go Matilda Forums The Tax and Money Forum high interest account
The Go Matilda Forums The Go Matilda Forums The Tax and Money Forum high interest account|
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Member |
Hi,
We will have about £25,000 to put into a high interest account in Oz.If we put it all in my name and I don't work and don't pay tax,will the interest be tax free as it would here in the UK? |
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Member |
£25,000 = about A$62,500 presently. At 6% interest = interest income per annum of about A$3,750.
This is less than the annual tax free threshold (Australia's equivalent to the personal allowance), so assuming no other income there would be no tax to pay on this interest. Best regards. Alan Collett alan-at-gomatilda-dot-com Registered Migration Agent Number 0102534 Fellow of the Institute of Chartered Accountants in England and Wales Member of the Institute of Chartered Accountants in Australia http://www.gomatilda.com and http://www.collettandco.co.uk Offices in Southampton - England; Melbourne, Perth, Brisbane, and Geelong - Australia |
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Member |
G'day
Alan is correct (as always) but there are other considerations (as always). If you don't have a Tax File Number, then the bank will be legally obliged to charge you about 50% tax on any interest earned. In time, you will be able to claim that tax back once you register for a TFN and submit an annual tax return. Hope this helps Bob in Bull Creek |
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