Bank account for youth under 12

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When deciding whether to quote a Tax file number(TFN), you need to consider your child's age and the amount of interest they receive. A child can apply for a (TFN) - there is no minimum age. If your child is any age and he earn less than $120 per year from a savings account their financial institution will not withhold tax. When a child is under the age of 16 and Earns between $120 and $420 from savings accounts per year - you can provide either his date of birth or a (TFN), the financial institution will not withhold tax and he won't need to lodge a tax return - if you don't provide either his date of birth or TFN, the financial institution will withhold pay as you go (PAYG) tax at 47% and he will need to lodge a tax return if you want a refund. Earns $420 or more from savings accounts per year - if you provide his TFN, the financial institution will not withhold tax. - if you don't provide his TFN, the financial institution will withhold PAYG tax at 47% and he will need to lodge a tax return if you want a refund You can read more about children's savings account on our website. Simone

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