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How much can a child earn without paying tax?
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Joined: 19/11/2008(UTC) Posts: 19
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I want to open a saving account to earn interest. How much can I earn without paying tax?  :d/ 
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The adult's $6,000 tax-free threshold per income year applies to child. Your tax-free threshold may be less than $6,000 in a financial year if you are not a resident of Australia for tax purposes in the whole income year. However, Children are not exempt from quoting a TFN when earning interest from saving accounts. Children's bank accounts Children are entitled to a threshold of $420 per financial year on interest. If a child earns more than $420 interest from his saving account during an income year, he needs to quote a FTN. Otherwise the bank or the investment body will withhold PAYG at 46.5% for the total interest earned (not just the amount above $420). In this instance, he needs to get a TFN first and lodge a tax return to claim the amounts back from ATO. At what age can a child get a tax file number?There is no minimum age. A child can get a TFN at any age. Source from Australian Taxation Office Edited by user Saturday, 30 October 2010 2:39:47 PM(UTC)
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How much can a child earn without paying tax?
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