My children who both study full time, also have casual jobs.
They have paid a small amount of tax on their income this year, due to some weeks earning more. Their overall income is less than 18k however.
Obviously I need to lodge a return for them to get that tax paid back. However they have also earned interest on their savings account (less than $300 earned for the financial year). I believe there is no tax payable on interest earned under $420. All money in the savings account are from their employment earnings.
My question is, do I still need to list the interest income on their tax returns, or not at all considering it is less than the $420 threshold?
Thank you
656 views
656 views1 replies
1 replies
656 views
1 replies