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LouCLou(Newbie)Newbie
29 Oct 2024

I understand being taxed for my earnings, but I have now had to pay the ATO money on the interest I earnt on my savings. I have been building up my savings as a safety net for me and my daughter and instead have ended up paying more in tax.


Is there anything that can be done to reduce my tax bill? I know that interest is earnings, but by trying to be sensible about savings, I am being hit twice in tax.


Any suggestions other than putting into super (which I already do).


Thanks!

12,252 views
2 replies
12,252 views
2 replies

Most helpful response

Most helpful reply

Bruce4Tax(Taxicorn)Taxicorn
29 Oct 2024

I am being hit twice in tax.


No - if you mean PAYG instalments, then that will be a credit on 2025 tax return.



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How do I reduce my tax on interest from savings? | ATO Community