2007-01-08 16:36:10 · 5 answers · asked by Emmy 2 in Business & Finance ➔ Taxes ➔ Australia
Yes that is why when you first apply for a bank account they ask for Tax File Number. They match the data with the bank with their records and if you don't declare it they eventually find it.
2007-01-09 14:05:27 · answer #1 · answered by Stoosha 2 · 0⤊ 0⤋
Interest income is taxable. We all have some kind of interest on our account. If it is too small, you do not have to bother with it.
I always get 10 cents or so each month from my checking account. The Bank don't even bother with sending me a T5 (in Canada).
2007-01-08 16:52:11 · answer #2 · answered by Anonymous · 0⤊ 0⤋
of course. the government needs that money cause they obviously dont get enough taking money from our pay every single week. They also need to take the money we earn from our savings accounts.
2007-01-08 16:57:16 · answer #3 · answered by Minerva 5 · 0⤊ 0⤋
of course, the government has to get every penny out of us they can....unless your total taxable income is below the taxable threshold
2007-01-08 16:43:11 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Yep.
2007-01-08 16:43:34 · answer #5 · answered by Anonymous · 0⤊ 0⤋