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Worried you’re missing part of your refund? Remember, the low and middle income tax offset isn’t a refund on its own – it’s used to offset (or reduce) the amount of tax you pay. The offset amount you may be entitled to is automatically applied and could range between $255-$1080, depending on things like your taxable income and how much tax you’ve paid.
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I have a large cash savings and need to know if I will be taxed

Newbie

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Replies 1

Hello, between my partner and I we have saved a large amount of cash money over our life time around 15,000 and we don't know if we are allowed to put it in our bank without being taxed.

 

also he's parents have a trust account we were going to use as our house deposit but we also need to know if we will be taxed as it's around $30,000? 

thank you for your help.

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Most helpful response

Devotee

Replies 0

You simply pay tax on the interest earned & with current interest rates being close to zero, tax is really not a consideration for this kind of amount

1 REPLY 1

Most helpful response

Devotee

Replies 0

You simply pay tax on the interest earned & with current interest rates being close to zero, tax is really not a consideration for this kind of amount