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HelenVee(Newbie)Newbie
24 Aug 2024

I opened a saving account for my daughter and with the bonus interest, she earned more interest than what is allowed. I have since provided the bank with her own TFN, and she is now exempt from future tax being held.

As the tax held already is within the current financial year, does the bank have authority from the ATO to refund this to me, without me having to wait until the end of the financial year to lodge a tax return?

Thank you.

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208 views
1 replies

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Most helpful reply

TamaraATO(Community Support)Community Support
26 Aug 2024

Hi @HelenVee,


Yes, you can definitely ask your bank. ✔


You can claim it back within that financial year directly from the bank. 🏦

But it's up to them whether they'll do that for you or not.


All replies

Most helpful reply

TamaraATO(Community Support)Community Support
26 Aug 2024

Hi @HelenVee,


Yes, you can definitely ask your bank. ✔


You can claim it back within that financial year directly from the bank. 🏦

But it's up to them whether they'll do that for you or not.


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