Hi guys,
As per title, it's tax time again. Why am i asking this? Because i'll do my tax this year, since it's not much different from last year, except for that ING's money. Please provided a referent link with your advice, i don't want to get into trouble with the taxman/woman.
Thanks.
Edit: I haven't get the $50 from ING … just the %5 money.
that would be for the $50/75 bonus money.
Yes you're right. I didn't read carefully enough.
None. The cashback is tax-free.
Ikarumba, more $ in my pocket … bank i meant. Thank you all for the answer.
RE: Finiancial year tax statement
From: ING DIRECT
Product: Orange Everyday
Dear Mr,
Thank you for your response to my colleague CSR.
I can confirm the 5% cash back rebate is not considered an interest payment/credit therefore does not need to be lodged in your tax return.
If there is anything further we can assist you with please let us know.
Regards,
CSR
Any advice in this My Message does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you.
Thank you very much tooblue :)
That's extra effort there.
Five finger tax discount.
Boring answer: It is obviously not interest. If it is a gift then it is not taxable. If it is a rebate of fees it is not taxable. If it is a fee for labour or services then it is income and is taxable.
It's counted as interest. How do I know this? Because my eTax prefilled it as interest last time I did my tax return.