How do I claim for withholding tax on interest on my children's accounts for previous tax years?

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Matt_ATO · Answer

Howdy , So I take it that the kiddli-winks now have TFN's. In which case you can claim back the withholding tax by lodging a return for each of the years it was paid. Usually, if under 16 and the account earnt less than $420 in interest you wouldn't need to provide a TFN and no tax should be withheld. For any tax withheld in previous financial years, you may also claim these by completing a Refund of over-withheld withholding application form (https://www.ato.gov.au/businesses-and-organisations/international-tax-for-business/in-detail/income/refund-of-over-withheld-withholding-how-to-apply). Keep in mind though, if the bank accounts were operated by you and the funds used by you, the interest income might need to be declared in your tax return instead of your kids. This depends on who provided the money and who decided how the money is spent.

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