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WalkingGen(Newbie)Newbie
16 Aug 2023

Hi,

I am asking this question for a friend of mine. She is visiting Australia and opened an Australian bank account, she is holding a visitor visa. She has given bank the foreign TIN number. She is wondering how much interest she gets from the money in the bank will be withheld by the bank? Is it above 40% or 10%? And if there is any way to prove she is a foreign tax payer or something in order to pay a smaller percentage of the interest as tax/being withheld?

811 views
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811 views
1 replies

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WendyATO(Community Support)Community Support
17 Aug 2023

Hi @WalkingGen,


If your friend has provided the Australian bank an overseas address, the tax will be withheld at the rate of 10%.


Without an overseas address, tax is withheld at 47%.


Check out our link about investing in bank accounts and income bonds under the section bank accounts held by foreign residents for further details.

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non resident australan bank interest tax | ATO Community