I've been cleaning the house, and have eventually came up with… lets say, lots of coins.
What's the best thing to do with these coins?
I could take shopping bag filled with these coins to the bank… but is that the best thing, to minimise tax?
What do you do with (many) coins?
[Deactivated] on 22/03/2015 - 10:03
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I could take shopping bag filled with these coins to the bank… but is that the best thing, to minimise tax?
The coins are savings from your after-tax income. There's no additional tax when you deposit them into your bank account.
Find a bank branch with a coin counting machine, pour them in and watch your riches grow.
Yup! Most banks have them, But not all branches, Be aware genurally u can use a bank that your not a customer with, But they will slog you 10% fee…
I know NAB have the listings on there website with little icons next to branches…
I kept all my coins for a year once and got $568.35 and a hand full of forign coins back :)
Make loud noises at church when I put them in the collection.
Also leave them in my top drawer at work to spend on unhealthy snacks.
Few years ago I broke open my money box (one of those round tinned with a $20 note printed on it). The booty contained within fully paid for airfares and accommodation in Broome for my wife and I.
These days its off to my bank's coin counting machine and booty is used to pay the bills :(
give it to me if you hate them !
Put it towards you loan's
I typically deposit them in my account using my bank's coin handling machine.
frig no, this money doesn't exist, get rid of it how ever you please..
If you have an account with a bank that has a coin counting machine, you can deposit without paying a 10% fee — I have an account with Commonthief Bank primarily for this purpose, while I do all my other banking elsewhere.
Ditto to the CBA account for fee-free coin-counting purposes.
Put the coins into a large tin or money box and once or twice a year count out the coins into the little plastic bank coin bags and then exchange for folding at the bank.
You may be pleasantly surprised how much you're saved…..Spend it? Nothing wrong with handing over lots of coins lol
Here's a bit of legal trivia for you: Coins are only legal tender up to $4. This means a shop can refuse a payment greater than $4 in coins……….
Actually no…
According to RBA, coins are legal tender to the extent of:
- Up to a Maximum of $5 for 5c,10c,20c and 50c coins ("Silver" coins)
- Up to a maximum of ten times coin face value for "Gold" coins ($1, $2). So you can use up to a maximum of 10 gold coins.
A shop can refuse a payment if you pay more than $5 in coins of 50c or lower, and if you pay with more than 10 coins of $1 or larger.
Obviously updated, so thanks for the information
Some retailers particular at markets are happy to get coins for payment. Spend your coins say $5 or so at a time in they'll be gone in no time.
Another possibility is the self-service checkouts at supermarkets, if you have the patience to feed the machine.