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?
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23-09-2013 19:43 #1
Being a signatory on bank account and tax
23-09-2013 19:57 #2
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
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23-09-2013 21:08 #3Senior Member
- Join Date
- Aug 2013
The bank only advises the ATO of the interest earned by the account holder. The signatories are irrelevant - my brother is a CPA.
By OneLove in forum Family FinancesReplies: 10Last Post: 12-02-2013, 16:28
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