markry Posted August 13, 2008 Share Posted August 13, 2008 Hi all - I wonder if anyone could help with a few questions I have on kids savings. We are going over to Melbourne in November and are planning on taking the kids savings with us (and the kids aswell!). Would the interest on these be classed as income for my wife and I in terms of tax? I know we can apply for a tax file number for the kids - in this case would the money be treated as theres so they could get the $6000 tax free allowance? Any help greatly appreciated! Link to comment Share on other sites More sharing options...
Guest Jaynie Posted August 13, 2008 Share Posted August 13, 2008 Ask at the banks about the kids savings, as if you put them with yours any interest in this financial year would have to be declared on your tax return. Banks charge that many charges over here it's not funny, so you would have to work out what is best for tax purposes depending on if the bank has a no charge account for children. Hope this helps Link to comment Share on other sites More sharing options...
markry Posted August 13, 2008 Author Share Posted August 13, 2008 Thanks Jayne - I'm starting to think I might be better off leaving their savings in the uk (especially as they won't be needing them for at least 10 years). Cheers Mark Link to comment Share on other sites More sharing options...
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