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  1. #1
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    bambino is offline Autistic Today, My Genius Tomorrow
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    Default Being a signatory on bank account and tax

    Just wondering....

    Mum wants me to go as a signatory on one of her bank accounts.
    The bank account is purely in her name, she just wants me to able to sign for withdrawals if she can't get to the bank etc....

    If I go as a signatory, will I have to declare this at tax time?
    I didn't think I would as the account is not mine, but DH thinks we will be liable at tax time.

    Does anyone know of the "rules" as far this goes?

    TIA.

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    Only the account holder will be liable for fees/taxes - if you are just a signatory and it's not a joint account you will not be liable

  3. The Following User Says Thank You to Elijahs Mum For This Useful Post:

    bambino  (23-09-2013)

  4. #3
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    The bank only advises the ATO of the interest earned by the account holder. The signatories are irrelevant - my brother is a CPA.


 

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