My 6 month old has a savings account under his name that has earned interest. I am signatory for it given that he is a child. The money in there is from gifts and from grandparents making regular deposits in there. I have not and will not be withdrawing any money from the account for any expenses. Do I include his interest earnings in my tax return?
Hi @CLS1,
If the monies held in the account are from gifts and the regular deposits from the grandparents are given as gifts then, the interest from the bank account is regard as income for your child and would not be declared in your tax return.
If the interest earned in the financial year along with any other income your child might receive is less then $420, then you will not need to lodge a tax return for your child.
If you haven't already, you might want to have a look at Children's savings accounts, which has information on how interest is applied and lodging your child's tax return.
Hi @CLS1,
If the monies held in the account are from gifts and the regular deposits from the grandparents are given as gifts then, the interest from the bank account is regard as income for your child and would not be declared in your tax return.
If the interest earned in the financial year along with any other income your child might receive is less then $420, then you will not need to lodge a tax return for your child.
If you haven't already, you might want to have a look at Children's savings accounts, which has information on how interest is applied and lodging your child's tax return.
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