# Will I have to pay tax on the interest on my savings?



## bluebird121 (Dec 3, 2009)

I have a semi permanent visa and live with my partner in a defacto relationship. I am from the UK and will have been in Australia for 2 years on the 28th of June .. however I will be 61 then and do not work. I get a small pension from the UK and rely on that and the very small amount of interest I get on my savings. I have a tax number but have never worked here. Do I have to pay tax? Do I also have to fill in a tax form online as I know the tax year ends at the end of June and I want to have everything sorted as I am going to the Uk for two weeks in the middle of June ..Thanks


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## boogil (May 14, 2010)

You need to do your tax return every year and you need to declare your interest income HOWEVER if the total income less than $6000, It will be tax free. You need to let the bank know your tax file number otherwise the bank will tax you and not eligible for tax return.


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## bluebird121 (Dec 3, 2009)

boogil said:


> You need to do your tax return every year and you need to declare your interest income HOWEVER if the total income less than $6000, It will be tax free. You need to let the bank know your tax file number otherwise the bank will tax you and not eligible for tax return.


Thanks so much for your reply. I have given the bank my tax number as I was charged for tax. that has since ceased. Do I have to give them it again?
Can I fill my details online and send it to the tax office?


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## boogil (May 14, 2010)

bluebird121 said:


> Thanks so much for your reply. I have given the bank my tax number as I was charged for tax. that has since ceased. Do I have to give them it again?
> Can I fill my details online and send it to the tax office?


If the bank has charged you the tax, It went to the drain. The money is gone say bye bye. 

I think it's a better idea to make sure the bank has your TFN. If you are 110% the bank get the TFN, the bank WILL not charge a tax anymore FOREVER. But It will be worked on your tax return that you MUST do every year after 31 June. You can ask accountant to do it $80 at least or ask your friend, it's easy especially online.


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