3.25% p.a - balances under $5,000.
1.00% p.a - balances over $5,000.
Only really worth it if your depositing less than $5K.
3.25% p.a - balances under $5,000.
1.00% p.a - balances over $5,000.
Only really worth it if your depositing less than $5K.
I have this but honestly it doesn't seem like its going to be a great deal for very long at this rate…. they don't seem interested in increasing the rate.
GSB or BOQ?
BoQ.
@samfisher5986: Tthat's because they just increased from 2% to 3 lol
@CrazyBargainCatcher: It was 3% then they put it down to 2% then back to 3%
Username checks out.
Wondering if I should set up this kinda thing for my newborn.
For 'youth at heart' too? Pensioners can't keep eating dog food
I dont have minor or teens who have work yet but what is the tax association with this kind of "investment"? Sorry for diff topic but I'm thinking to "give" a little bit of shares/LICs to my younger kid so they compound until he is 18 (he can manage his own)
No difference as you have to file tax under your name. Not unless your kid able to work and earn their own money to invest and have their own tfn and file their own tax.
If the investment on your child's name exceed earning on certain threshold, you have to pay 60% tax. This is to discourage hiding investment under child's name.
Incorrect, you can apply for a TFN at any age and lodge a tax return in your child’s name (which wouldn’t affect your tax earnings or increase your tax to be payed).
Please provide more details how ? What is incorrect? interested to know what i missed reading the ATO website.
Child without capacity to earn is taxed at 60%
maybe a couple of hundreds as a gift can be considered but i dont think enough to buy shares. You need to prove whee the money comes from else it is taxed as 60%
This policy has changed a few years ago as they use child name to hide investment to avoid paying tax.
3.00% up to $50k with BOQ (14-17 Age Requirement required with extra T&C's for 17-35)