+ Reply to Thread
Page 2 of 2 FirstFirst 12
Results 11 to 12 of 12
  1. #11
    Join Date
    Apr 2010
    Posts
    2,100
    Thanks
    216
    Thanked
    376
    Reviews
    2
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    DS has a savings account with Bank SA. It is in his name but DF and I are the trustees. We pay tax on his interest earned each year but I don't mind - it isn't a lot and it means he gets it tax free later.

  2. #12
    Join Date
    Feb 2010
    Posts
    2,206
    Thanks
    135
    Thanked
    608
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    Quote Originally Posted by gotmilk View Post
    But you have to pay tax on profit with ING account, I had it for my girl with them but ATO asked me to pay tax and if the account for a child and you do not want to be taxed on the interest earned profit I was advised that I need to open a trust accound for my child. Never did it though...
    I just declare the interest I earn on my tax.
    My kids already have trusts set up as well.


 

Similar Threads

  1. Different bank accounts for different Centrelink payments?
    By sunnymummy in forum Family Finances
    Replies: 1
    Last Post: 22-09-2012, 11:02
  2. Kids bank accounts??
    By HarvestMoon in forum Family Finances
    Replies: 19
    Last Post: 25-06-2012, 13:04
  3. Bank accounts.
    By Kayangel in forum Family Finances
    Replies: 42
    Last Post: 22-03-2012, 10:10

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
FEATURED SUPPORTER
Cots on BubhubLooking to buy a cot or bassinet? :: Cot safety checklist :: Local or online nursery ...
REVIEWS
"Made bed time less anxious"
by Meld85
My Little Heart Whisbear - the Humming Bear reviews ›
"Wonderful natural Aussie made product!"
by Mrstwr
Baby U Goat Milk Moisturiser reviews ›
"Replaced good quality with cheap tight nappies"
by Kris
Coles Comfy Bots Nappies reviews ›